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i want the answer and explain of required : b) Prepare journal records by using Periodic Inventory System. Calculate Cost of Raw Materials used and
i want the answer and explain of required :
b) Prepare journal records by using Periodic Inventory System. Calculate Cost of Raw Materials used and Ending Inventory of Raw Materials and compare the results. Explain, why raw materials costs are same or different.
2. Inventory transactions of a company for October 2014 period are given below: 01.10.2014 beginning inventory 100 units (unit cost 40 TL). 03.10.2014 purchased 500 units, 50 TL per unit. 05.10.2014 used 400 units for production. 12.10.2014 purchased 500 units, 54 TL per unit. 18.10.2014 purchased 600 units, 55 TL per unit. 22.10.2014 used 1,000 units for production. Required: a) Record inventory transactions to Materials Requisition Card card by using First In First Out (FIFO) or Weighted Average Method. b) Prepare journal records by using Periodic Inventory System. Calculate Cost of Raw Materials used and Ending Inventory of Raw Materials and compare the results. Explain, why raw materials costs are same or different. (25 puan) Date RECEIPTS Quantity Unit Cost ISSUES Amount Quantity Unit Amount BALANCE Quantity Unit Cost Cost Materials Requisition CardStep by Step Solution
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