E2-6 FIFO, LIFO and Weighted Average Costing

PurrChem's raw materials records contained the following information for the month of August:

August 1 Beginning inventory 1,250 kg. @ $250 per kg.

8 eceived 1,000 kg @ 275 per kg

15 Issued 1,800 kg into production

24 Received 1,000 kg @ $285 per kg.

27 Issued 1,200 kg into production

Determine the cost of materials issued into production and the cost of the August 31 inventory under each of the following costing methods (Round epr units amounts to three decimal places and total amounts to the nearest dollar).

1. FIFO

2. LIFO

3. Weighted average