Records of the Ideal Company show the following purchases and issues of materials during the current month:

Questions:

1. Under FIFO method how much is the amount of materials issued to production?

2. Assuming the company uses weighted average method What is the amount of materials issued to production?

3. What is the value of inventory if the lower of cost or net realizable value method is applied to the individual item?

4. What is the value of inventory if the lower of cost or net realizable value method is applied to the inventory as a whole?

EDITED: AUGUST 1 - 2,000 UNITS AT 12 PER UNIT