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Problem 1 The following data about Maxwell Company is given for the month of August. August 1 Inventory 800 units at P10 12 Purchase 1,000
Problem 1
The following data about Maxwell Company is given for the month of August.
August 1 Inventory 800 units at P10
12 Purchase 1,000 units at P12
14 Purchase 500 units at P11.50
16 Issue 800 units
18 Purchase 600 units at P15
20 Issue 500 units
25 Purchase 400 units at P14
28 Issue 800 units
Required:
- Using FIFO method of costing materials, how much is the cost of ending inventory for August?
- How much is the cost of materials issued or used for production?
- How much is the total goods available for sale?
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