Using first-in, first-out perpetual inventory costing and the following information, determine the cost of materials...
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Accounting
Using first-in, first-out perpetual inventory costing and the following information, determine the cost of materials used and the cost of the July 31 inventory:
3 Issued 250 yd.
5 Received 500 yd @ $4.50 each
6 Issued 150 yd.
10 Issued 110 yd.
11 Factory returned 10 yd, which were issued on the 10th, to the storeroom.
15 Received 500 yd @ $5.00 each
20 Returned 300 yd to the vendor from July 15 purchase
26 Issued 600 yd.
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