Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following data about Maxwell Company is given for the month of August. August 1 Inventory 800 units at P10 12Purchase 1,000 units at P12

The following data about Maxwell Company is given for the month of August.

August 1 Inventory 800 units at P10

12Purchase 1,000 units at P12

14Purchase 500 units at P11.50

16Issue 800 units

18Purchase 600 units at P15

20Issue 500 units

25Purchase 400 units at P14

28Issue 800 units

1.Using FIFO, How much is the total material cost available for use in production?

2.Using FIFO method of costing materials, how much is the cost of ending inventory for August?

3.Using FIFO, How much is the cost of materials issued or used for production?

4.using moving average, compute for

Cost of ending inventory(use WAUC with 4 decimal places, but round off final answer for ending inventory to two decimal places)

5.Cost of materials issued(use WAUC with 4 decimal places, but round off final answer for issued inventory to two decimal places)

6.Weighted average unit cost (Round off to 4 decimal places)

7.Cost of materials issued(use WAUC with 4 decimal places, but round off final answer for issued inventory to two decimal places)

8.Cost of ending inventory (use WAUC with 4 decimal places, but round off final answer for ending inventory to two decimal places)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: David Colander

8th edition

978-0078004407, 78004403, 978-0077247171, 77247175, 978-0077307110

More Books

Students also viewed these Accounting questions