4.8. Details regarding the purchase and withdrawal of Direct material 2,4,2-DT, a chemical for May, show: 3000.00Balance on hand-500L@ $6.00 per literPurchases 1000L @ $6.20 per literIssued 700LPurchases 500L @ $6.10 per literIssued 1000L200L returned to materials store1 May6200.008.3050.001519206300.00Purchases 1000 L@ $6.30 per literIssues 1100 L2328Requireda) Record the above in perpetual stock cards, using the following accountingassumptions:(1)Weighted average costing(ii)FIFO costing.

Weighted average method - This is an inventory costing method that uses the weighted average unit…

Answered: Record the above in perpetual stock…

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

Section: Chapter Questions

Problem 1Q

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Question

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.

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