PurrChem's Raw Materials Records

FIFO, LIFO, and weighted average costing PurrChem's raw materials records contained the following information for the month of August: August 1 Beginning inventory 1,250 kg. @ \$250 per kg. 8 Received 1,000 kg. @ \$275 per kg. 15 Issued 1,800kg. into production. 24 Received 1,000 kg. @ \$285 per kg. 27 Issued 1,200kg. into production. Determine the cost of materials issued into production and the cost of the August 31 inventory under each of the following costing methods (Round per unit amounts to three decimal places and total amounts to the nearest dollar.): 1. FIFO 2. LIFO 3. Weighted average