You will remember from the previous chapter that Kingston Kitchens Ltd started making traditional country-style kitchen cabinets on 1 July. The goods received notes and the materials requisitions show the following receipts and issues of timber during the first three days. As you can see, John was able to negotiate a lower introductory price for the first delivery and then paid the regular price for the second delivery:

1 July Received 50 units at £3.00 per unit 2 July Received a further 50 units at £4.00 per unit 3 July 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 July and 50 units remaining in inventory

[using the FIFO and CWA methods.