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How much is the ending inventory balance of material

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Question - ABC Company, a manufacturer of tables, uses a perpetual inventory system to control materials. During February 2020 the following transactions took place in completing an order for tables:

Feb 1 The beginning balance on hand for Material A is 200 units, costing P120 each.

Feb 6 100 units are purchased under Purchase Order 01 at P140 each.

Feb 19 225 units are issued for use per Requisition 101.

Feb 23 25 units are returned to the storeroom as noted on Returned Materials Report 301. These units had been issued on February 19 for use on Requisition 101.

Required -

1. How much is the ending inventory balance of Material A using the FIFO inventory costing.

2. How much is the ending inventory balance of Material A using the LIFO inventory costing.

3. How much is the ending inventory balance of Material A using the moving average inventory costing.

Reference no: EM132754424

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