Evercise Silang Manufacturing Inc. has the following information regarding materials transactions for the month of October: October 1 Beginning balance 200 units P16 October 5 Purchased 500 units 17 October 9 Purchased 500 units 18 October 16 October 17 Returned from factory Issued 900 units 25 units (issued on Oct 16) October 24 Purchased 900 units 19 October 24 Returned to supplier 25 units (from purchased on Oct 9) October 27 Issued 800 units Required: Prepare journal entries of the above materials transactions applying normal cost system (FIFO - Perpetual).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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This topic is about inventories. Please check the picture for the problem and requirement.

Evercise
Silang Manufacturing Inc. has the following information regarding
materials transactions for the month of October:
October I
Beginning balance
200 units
P16
October 5
Purchased
500 units
17
October 9
Purchased
500 units
(@)
18
October 16
October 17 Returned from factory
Issued
900 units
25 units
(issued on Oct 16)
October 24
Purchased
900 units
19
October 24
Returned to supplier
25 units
(from purchased on Oct 9)
October 27
Issued
800 units
Required: Prepare journal entries of the above materials transactions applying
normal cost system (FIFO - Perpetual).
Transcribed Image Text:Evercise Silang Manufacturing Inc. has the following information regarding materials transactions for the month of October: October I Beginning balance 200 units P16 October 5 Purchased 500 units 17 October 9 Purchased 500 units (@) 18 October 16 October 17 Returned from factory Issued 900 units 25 units (issued on Oct 16) October 24 Purchased 900 units 19 October 24 Returned to supplier 25 units (from purchased on Oct 9) October 27 Issued 800 units Required: Prepare journal entries of the above materials transactions applying normal cost system (FIFO - Perpetual).
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