Hazelwood Products Ltd started making bookshelves on 1 January. The goods received notes and the materials requisitions show the following receipts and issues of wood during the first 3 days. As you can see, Jon Hazel, the owner-manager, was able to negotiate a lower introductory price for the first delivery and then paid the regular price for the second delivery.

1 January Received 50 units at £3.00 per unit 2 January Received a further 50 units at £4.00 per unit 3 January Issued 50 units to production Complete the following record in the inventory account and calculate the cost of the 50 units issued to production on 3 January and 50 units remaining in inventory using FIFO cost and CWA cost.

Transcribed Image Text:

FIFO Receipts January Quantity Price Value E 1 2 3 Total Issues Value Inventory balance Quantity Value E E Quantity Price CWA Receipts Issues Inventory balance January Quantity Price Value Quantity Price Value Quantity Value E E E [ 1 2 23 Total