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Problem 8-5 (Part Level Submission) Some of the information found on a detail inventory card for Martinez Inc. for the first month of operations is
Problem 8-5 (Part Level Submission)
Some of the information found on a detail inventory card for Martinez Inc. for the first month of operations is as follows.
Received | ||||||||
Date | No. of Units | Unit Cost | Issued, No. of Units | Balance, No. of Units | ||||
January 2 | 1,600 | $4.20 | 1,600 | |||||
7 | 1,100 | 500 | ||||||
10 | 1,000 | 4.48 | 1,500 | |||||
13 | 900 | 600 | ||||||
18 | 1,400 | 4.62 | 700 | 1,300 | ||||
20 | 1,100 | 200 | ||||||
23 | 1,700 | 4.76 | 1,900 | |||||
26 | 1,200 | 700 | ||||||
28 | 2,000 | 4.90 | 2,700 | |||||
31 | 1,700 | 1,000 |
Ending inventory 1. FIFO: 2. LIFO: 3. Average-cost: |
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