Question
company uses Material Y in production line. In the beginning of February 2022, Material Y had a balance of 220kg with total cost of RM2,640.
company uses Material Y in production line. In the beginning of February 2022, Material Y had a balance of 220kg with total cost of RM2,640. During the month of February, following matenal receipt and issue was lake place Receipt Dato 9 February 127 February Quantity (Kg) 1400 150 Total Cost (RM) 5,200 2,100 issue Date Quantity (Kg) 5 February 120 19 February 120 26 February 110 Required: (a) If the First - In First - Out (FIFO) method is used to value inventory, calculate total cost of issues for the month and the value of closing inventory at the month end
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