Using last in, first out perpetual inventory costing compute the cost of materials used of...
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Accounting
Using last in, first out perpetual inventory costing compute the cost of materials used of 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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