Record the above in perpetual stock cards, using the following accounting assumptions: (1) Weighted average costing FIFO costing. (ii)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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4.8. Details regarding the purchase and withdrawal of Direct material 2,4,2-DT, a chemical for May, show:
3000.00
Balance on hand-500L@ $6.00 per liter
Purchases 1000L @ $6.20 per liter
Issued 700L
Purchases 500L @ $6.10 per liter
Issued 1000L
200L returned to materials store
1 May
6200.00
8.
3050.00
15
19
20
6300.00
Purchases 1000 L@ $6.30 per liter
Issues 1100 L
23
28
Required
a) Record the above in perpetual stock cards, using the following accounting
assumptions:
(1)
Weighted average costing
(ii)
FIFO costing.
Transcribed Image Text:3000.00 Balance on hand-500L@ $6.00 per liter Purchases 1000L @ $6.20 per liter Issued 700L Purchases 500L @ $6.10 per liter Issued 1000L 200L returned to materials store 1 May 6200.00 8. 3050.00 15 19 20 6300.00 Purchases 1000 L@ $6.30 per liter Issues 1100 L 23 28 Required a) Record the above in perpetual stock cards, using the following accounting assumptions: (1) Weighted average costing (ii) FIFO costing.
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