Question
The Papa Manufacturing Company uses the perpetual inventory system in controlling its materials.Data relating to Material X-5 during March 2018 are given below: March 1:Balance,
The Papa Manufacturing Company uses the perpetual inventory system in controlling its materials.Data relating to Material X-5 during March 2018 are given below:
March 1:Balance, 1,000 units at P125 each.
5:Issued 400 units, Requisition 091.
9:Received 600 units at P140 each, Purchase Order 016.
13:Issued 850 units, Requisition 094.
22:Received 200 units at P145 each, Purchase Order 023.
29:Issued 250 units, Requisition 098.
Required:
Enter the beginning balance on a materials ledger card for each of the two inventory costing methods; FIFO and moving average.Record each of the transactions on each of the material ledger cards.Round unit costs to the nearest centavo under the moving average costing method.
Step by Step Solution
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