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Inventory costing methods
The following transactions affecting materials occurred in February:
Feb. 1
Balance on hand, 1,200 ft @ $2.76, $3,312.00 (plastic tubing, materials ledger account #906).
5
Issued 60 ft to production on Materials Requisition No. 108.
11
Issued 200 ft on Materials Requisition No. 210.
14
Received 800 ft from a supplier, Receiving Report No. 634, price $2.80per ft.
15
Issued 400 ft, Materials Requisition No. 274.
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:
Record the transactions on materials ledger accounts. (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.
1. FIFO
2. LIFO
3. Moving average
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