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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).

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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