Question
March Lakson Company Limited had following activity in material No. 200. March 1 Balance 400 units; cost 960 March 3 Invoice No. 248; 300 units;
March Lakson Company Limited had following activity in material No. 200.
March 1 | Balance 400 units; cost 960 |
March 3 | Invoice No. 248; 300 units; cost 780 |
March 7 | Requisition No. 427; 100 units |
March 15 | Invoice No. 342; 200 units; cost 540 |
March 18 | Requisition No. 437; 150 units |
March 21 | Requisition No. 449; 300 units |
March 25 | Invoice No. 349; 150 units; cost 420 |
March 29 | Requisition No. 510; 200 units |
Required: Prepare a separate materials ledger card showing date, Invoice number, requisition no, unit cost, and amount for the receipts and issues using store ledger cards under each of the following assumptions as to flow of materials cost:
- First-in, First-Out (FIFO) Costing
- Last-in, First-Out (LIFO) Costing
- Moving Average Costing
Step by Step Solution
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Step: 1
Firstin Firstout FIFO Costing Opening balance 400 units 240unit 960 Invoice 248 300 units 260unit 78...
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International Financial Reporting and Analysis
Authors: David Alexander, Anne Britton, Ann Jorissen
5th edition
978-1408032282, 1408032287, 978-1408075012
