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152 And speaking of weighted average, take a look at the following stock card of one raw material for the last month of the year 2019: Dates Receipts Dec. 1 2 200 P23.50 P4.700 11 12 (50) P21.00P(1.050) 13 600 P22.00 P13.200 18 24 700 P23.00P16.100 30 31 Totals P32.950 Issues Balance 500 P10,000 P20,00 700 P14,700 P21.00 600 P21.00 P12,600 100 P2,100 P21.00 50 P1.050 P21.00 650 P14,250 P21.92 (100) P21.00 P(2,100) 750 P16,350 P21.80 1,450 P32.450 P22.38 600 P22.38 P13,428 850 P19,022 P22.38 50 P22.38 P1,119 800P17,903222.38 P25,047 a. Purchases returns of Dec. 12 is to the supplier of Dec. 2. 2019. b. Excess requisition of Dec. 11, 2019 is returned to storeroom Dec. 18, 2019.. c. Shortage adjustment of 50 units is recorded Dec 31, 2019 because the count made showed only 800 units on hand. Notes: 1. The purchases returns of Dec. 12, 2019 used P21.00 instead of the correct supplier's cost of P23,50 because P23.50 is not available in the card. The available average figure that day was P21.00. The entry to record this returns is: Accounts Payable(P23.50) P1,175 Materials(P21.00) P1,050 Inventory Variance 125 2. A new moving weighted average is computed every time there is a new purchase and when there is a returns made to the storeroom like that of Dec. 18, 2019 3. The entry to take up the shortage adjustment is: Inventory Variance P1.119 Materials P1,119 4. Inventory variance if it is a debit is other expense; if it is a credit is other income. In the case of raw materials, it is a factory overhead item debitor credit adjustment 153 FIFO STOCK CARD Receipts Dates Dec. 1 200 P23.50P4,700 N 11 12 (50) 123.50P(1,175) 13 600 122.00P13,200 18 Issues Balance 500 @120,00 P10,000 500 @ 120.00 200 a P23,50 500 20.00 P10,000 100 P23.50 P2,350 100 a P23,50 50 a P23.50 50 a P23.50 600 a P22.00 (100) P23.50 P/2,350) 150 a P23.50 600 a 22.00 150 (P23.50 600 @P22.00 700 a 23.00 150 P23.50 P3,525 150 @ P22.00 450 P22.00 p9.900 700 P23.00 50 P22.00 P1,100 100 22.00 2.200 700 a P23.00 P16.100 P24,525 24700P23.00 P16,100 30 31 P32,825 Notes: 1. Purchases returned are costed with the supplier's cost if still available in the stock card balance; otherwise, use the available cost, like in the weighted average stock card. 2. Returns to the storeroom are costed the same unit cost when they were issued (FIFO and weighted average), then it is put back into its original position in the stock card balance (if determinable); otherwise, it is treated like a new purchases. 3. Under FIFO, issues are costed first with the earliest unit cost, if not enough, use the 2 earliest, etc. 4. The daily ending inventory is thus costed with the latest unit cost of the day, and if it is not enough, the 2 latest unit cost is used, etc. Using the stock cards data and information on pages 152 & 153 fill up the table below: (Show supporting computations to get credit): Cost Materials Used Cost Ending Inventory P Other Accounts- Specify P Moving weighted average, perpetual FIFO, perpetual Weighted average, periodic FIFO, periodic Additional requirements: 1. Prepare the correct entries in Dec., 2019 under the periodic inventory system (weighted average). Include year-end adjusting and closing entries. 2. Prepare the correct entries in Dec., 2019 under the perpetual inventory system (FIFO). Include year-end adjusting and closing entries. 152 And speaking of weighted average, take a look at the following stock card of one raw material for the last month of the year 2019: Dates Receipts Dec. 1 2 200 P23.50 P4.700 11 12 (50) P21.00P(1.050) 13 600 P22.00 P13.200 18 24 700 P23.00P16.100 30 31 Totals P32.950 Issues Balance 500 P10,000 P20,00 700 P14,700 P21.00 600 P21.00 P12,600 100 P2,100 P21.00 50 P1.050 P21.00 650 P14,250 P21.92 (100) P21.00 P(2,100) 750 P16,350 P21.80 1,450 P32.450 P22.38 600 P22.38 P13,428 850 P19,022 P22.38 50 P22.38 P1,119 800P17,903222.38 P25,047 a. Purchases returns of Dec. 12 is to the supplier of Dec. 2. 2019. b. Excess requisition of Dec. 11, 2019 is returned to storeroom Dec. 18, 2019.. c. Shortage adjustment of 50 units is recorded Dec 31, 2019 because the count made showed only 800 units on hand. Notes: 1. The purchases returns of Dec. 12, 2019 used P21.00 instead of the correct supplier's cost of P23,50 because P23.50 is not available in the card. The available average figure that day was P21.00. The entry to record this returns is: Accounts Payable(P23.50) P1,175 Materials(P21.00) P1,050 Inventory Variance 125 2. A new moving weighted average is computed every time there is a new purchase and when there is a returns made to the storeroom like that of Dec. 18, 2019 3. The entry to take up the shortage adjustment is: Inventory Variance P1.119 Materials P1,119 4. Inventory variance if it is a debit is other expense; if it is a credit is other income. In the case of raw materials, it is a factory overhead item debitor credit adjustment 153 FIFO STOCK CARD Receipts Dates Dec. 1 200 P23.50P4,700 N 11 12 (50) 123.50P(1,175) 13 600 122.00P13,200 18 Issues Balance 500 @120,00 P10,000 500 @ 120.00 200 a P23,50 500 20.00 P10,000 100 P23.50 P2,350 100 a P23,50 50 a P23.50 50 a P23.50 600 a P22.00 (100) P23.50 P/2,350) 150 a P23.50 600 a 22.00 150 (P23.50 600 @P22.00 700 a 23.00 150 P23.50 P3,525 150 @ P22.00 450 P22.00 p9.900 700 P23.00 50 P22.00 P1,100 100 22.00 2.200 700 a P23.00 P16.100 P24,525 24700P23.00 P16,100 30 31 P32,825 Notes: 1. Purchases returned are costed with the supplier's cost if still available in the stock card balance; otherwise, use the available cost, like in the weighted average stock card. 2. Returns to the storeroom are costed the same unit cost when they were issued (FIFO and weighted average), then it is put back into its original position in the stock card balance (if determinable); otherwise, it is treated like a new purchases. 3. Under FIFO, issues are costed first with the earliest unit cost, if not enough, use the 2 earliest, etc. 4. The daily ending inventory is thus costed with the latest unit cost of the day, and if it is not enough, the 2 latest unit cost is used, etc. Using the stock cards data and information on pages 152 & 153 fill up the table below: (Show supporting computations to get credit): Cost Materials Used Cost Ending Inventory P Other Accounts- Specify P Moving weighted average, perpetual FIFO, perpetual Weighted average, periodic FIFO, periodic Additional requirements: 1. Prepare the correct entries in Dec., 2019 under the periodic inventory system (weighted average). Include year-end adjusting and closing entries. 2. Prepare the correct entries in Dec., 2019 under the perpetual inventory system (FIFO). Include year-end adjusting and closing entries