Answer Problem #4 : items 13 & 14 Problem 4: First-In First-Out vs Average CostingThe following information relates to JKL Company's materials inventory for the month of March 2021.March 1 Beginning Balance5 Purchases6 Purchase Returns9 Purchases16 Issuances22 Excess Materials24 Purchases27 Issuances800 units at 5.00200 units at 6.0050 units200 units at 7.00400 units20 units300 units at 8.00500 unitsCompute the Ending Inventory, if:13. The costs of materials are charged in order of occurrence14. The costs of materials are charged at an average cost perpetually (round off to the nearest peso)15. The costs of materials are charged at an average cost periodically (round off to the nearest peso)

FIFO method is first in first out method under which inventory which is purchased first will be sold…

Problem 4: First-In First-Out vs Average Costing The following information relates to JKL Company's materials inventory for the month of March 2021. 800 units at 5.00 200 units at 6.00 50 units March 1 Beginning Balance 5 Purchases 6 Purchase Returns 9 Purchases 16 Issuances 200 units at 7.00 22 Excess Materials 24 Purchases 27 Issuances 400 units 20 units 300 units at 8.00 500 units Compute the Ending Inventory, if: 13. The costs of materials are charged in order of occurrence 14. The costs of materials are charged at an average cost perpetually (round off to the nearest peso)

Problem 4: First-In First-Out vs Average Costing The following information relates to JKL Company's materials inventory for the month of March 2021. 800 units at 5.00 200 units at 6.00 50 units March 1 Beginning Balance 5 Purchases 6 Purchase Returns 9 Purchases 16 Issuances 200 units at 7.00 22 Excess Materials 24 Purchases 27 Issuances 400 units 20 units 300 units at 8.00 500 units Compute the Ending Inventory, if: 13. The costs of materials are charged in order of occurrence 14. The costs of materials are charged at an average cost perpetually (round off to the nearest peso)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 5EB: Bleistine Company had the following transactions for the month. Calculate the ending inventory...

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