12
15
16
During June, the receipts and issuances of Material No. A2FO are as follows:
Received
June 3 1,100 units @ $15
16 1,700 units@ $17
29 900 units@ $18
Issued
June 11 700 units 4 Job No. 116
18 1,900 units 4 Job No.117
30 800 units 4 Job No. 118
A) Determine the cost of each of the three issued under a perpetual system, using the first-in, first-out method
B)Present the journal entry to record the issuance of the materials for the month, assumingthat the cost of issuances is determined by the first-in first-out method.
1 answer
2 answers