Cost Accounting | Accounting For Materials | Materials costing Method (PERIODIC INVENTORY SYSTEM)

The following information is to be used in costing inventory on September 31: September 1- Beginning balance 6,000 units at P60 per unit. September 4 - Purchased 4,700 units at P70 per unit. September 7-Issued 3,800 units to production September 10 - Issued 2,900 units September 13 - Purchased 6,500 units at P75 per unit. September 17 - Issued to production 5,000 units. September 19 - Materials returned to storeroom from September 17 issuance 1,800 units September 24 - Purchased 4,000 units at P80 per unit. September 25 - Issued to production 4,500 units. Required: A. Assuming, they use the periodic inventory system. Determine the cost of materials used and the cost assigned to the September 31 inventory of materials using each of the following methods of costing. 1. FIFO 2. Average Cost