Inventory costing methods.

Chicago Clay, Inc. makes the following purchases and issues of a new material during March:

March 2 Received 200 lbs. @ $9; total cost, $1,800.

8 Received 60 lbs. @ $10; total cost, $600.

18 Issued 100 lbs.

24 Received 240 lbs. @ $12; total cost, $2,880.

31 Issued 200 lbs.

Instructions:Using a perpetual inventory system and the materials ledger cards provided, state the cost of materials consumed and the cost assigned to the inventory at the end of March.

a. First-in, first-out costing

	Received			Issued			Balance
Date	Quantity	Unit Price	Amount	Quantity	Unit Price	Amount	Quantity	Unit Price	Amount

Cost of materials consumed....................... $_______________

Cost assigned to inventory......................... $_______________

b. Last-in, first-out costing

	Received			Issued			Balance
Date	Quantity	Unit Price	Amount	Quantity	Unit Price	Amount	Quantity	Unit Price	Amount

Cost of materials consumed....................... $_______________

Cost assigned to inventory......................... $_______________