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During June, the receipts and issuances of Material No. A2FO are as follows: Received June 3 Balance 1,100 units at $15 16 1,700 units at
During June, the receipts and issuances of Material No. A2FO are as follows:
Received | ||
June 3 | Balance | 1,100 units at $15 |
16 | 1,700 units at $17 | |
29 | 900 units at $18 | |
Issued | ||
June 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. |
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