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fifo costing CoursHeroTranscribedText: Using first-in, first-out perpetual inventory costing and the following information, determine the...

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Accounting

fifo costing

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CoursHeroTranscribedText: Using first-in, first-out perpetual inventory costing and the following information, determine the cost of materials used and the cost of the December 31 inventory: Dec 1 Balance on hand, 1000 yards of linen @ $4.00 each. 3 Issued 250 yards Received 500 yards @ $4.50 each. 6 Issued 150 yards. 10 Issued 110 yards. 11 Factory returned 10 yards, which were issued on the 10th, to the store room. 15 Received 500 yards @ $5.00 each. 20 Returned 300 yards to the vendor from the July 15 purchase. 26 Issued 600 yards. Prepare the materials ledger card and determine the cost of materials used and cost of ending inventory under FIFO and weighted average methods only

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