Reference no: EM132472537
the following transactions affecting materials occurred in February:
Point 1: Feb. 1 Balance on hand, 1,200 ft @ $2.76, $3,312.00 (plastic tubing, materials ledger account #906).
Point 2: 5 Issued 60 ft to production on Materials Requisition No. 108.
Point 3: 11 Issued 200 ft on Materials Requisition No. 210.
Point 4: 14 Received 800 ft from a supplier, Receiving Report No. 634, price $2.80 per ft.
Point 5: 15 Issued 400 ft, Materials Requisition No. 274.
Point 6: 16 Returned to a supplier for credit, 90 ft purchased on February 14, which were found to be defective.18 Received 1,000 ft, Receiving Report No. 712, price $2.83 per ft.21 Issued 640 ft, Materials Requisition No. 318.
Required:
Question 1: Record the transactions in materials ledger accounts similar (The "On Order" columns should be omitted.) Use the following inventory methods, assuming the use of a perpetual inventory system. Carry unit prices to four decimal places.
- FIFO
- LIFO
- Weighted average