ls inventory Details, beginning P80,000.00, Purchases P55,000.00, Freight In P5,000.00, Freight out P2,000.00, Purchase discount P1,000.00 and Ending Materials inventory ending P38,000.00. How much is the material used in the production?

ls inventory Details, beginning P80,000.00, Purchases P55,000.00, Freight In P5,000.00, Freight out P2,000.00, Purchase discount P1,000.00 and Ending Materials inventory ending P38,000.00. How much is the material used in the production?

Name: Sarah furniture Materials inventory Details, beginning P80,000.00, Pur
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Description: Sarah furniture Materials inventory Details, beginning P80,000.00, Purchases P55,000.00, Freight In P5,000.00, Freight out P2,000.00, Purchase discount P1,000.00 and Ending Materials inventory ending P38,000.00. How much is the material used in the p

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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Question 1: Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Total Cost Rs Date Jan 01 Jan 05 Jan 06 Jan 09 Details Beg Inventory 20 Purchases Issued Purchases Purchases Issued Units Cost per unit Rs. 10 200 50 11 550 30 40 12 480 Jan 15 20 13 260 Jan 20 60 Jan 28 Purchases 10 15 150
Calculate the cost of material available for use, cost of material issued and cost of material ending under FIFO and LIFO methods (periodic system). Also give the journal entries under each of the method. Date detail Units cost per unit Rs. Total cost Rs. Jan 1 beg inventory 20 10 200 Jan 5 Purchases 50 11 550 Jan 6 issued 30 Jan 9 Purchases 40 12 480 Jan 15 Purchases 20 13 260 Jan 20 Issued 60 Jan 28 Purchases 10 15 150
Please see below. I need help making a made up purchase schedule of inventory. Please include parts listed below. Note that these can be made up one but they need to make sense.
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