Question
During August, the receipts and distributions of Material No. B4G9 are as follows: Received Aug. 3 1,100 units at $15 16 1,700 units at $17
During August, the receipts and distributions of Material No. B4G9 are as follows:
Received | ||
---|---|---|
Aug. | 3 | 1,100 units at $15 |
16 | 1,700 units at $17 | |
29 | 900 units at $18 | |
Issued | ||
Aug. | 11 | 700 units for Job No. 116 |
18 | 1,900 units for Job No. 117 | |
30 | 800 units for Job No. 118 |
(a) Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method. | |
(b) Present the journal entry to record the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method. Refer to the Chart of Accounts for exact wording of account titles. |
Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method.
Cost of Issue | |
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Aug. 11 |
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Aug. 18 |
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Aug. 31 |
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Present the journal entry to record the issuance of the materials for August 31, assuming that the cost of issuances is determined by the first-in, first-out method. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
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1 |
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2 |
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