Silang Manufacturing Inc. has the following information regarding materiais transactions for the month of October: October 1 Beginning balance Purchased 200 units C@ @ @ P16 October 5 500 units 17 October 9 Purchased 500 units 18 October 16 Issued 900 units October 17 Returned from factory 25 units (issued on Oct 16) October 24 Purchased 900 units @ 19 25 units Returned to supplier (from purchased on Oct 9) October 24 October 27 Issued 800 units Kequired: Prepare journal entries of the above materials transactions applying normal cost system (FIFO- Perpetual).
Silang Manufacturing Inc. has the following information regarding materiais transactions for the month of October: October 1 Beginning balance Purchased 200 units C@ @ @ P16 October 5 500 units 17 October 9 Purchased 500 units 18 October 16 Issued 900 units October 17 Returned from factory 25 units (issued on Oct 16) October 24 Purchased 900 units @ 19 25 units Returned to supplier (from purchased on Oct 9) October 24 October 27 Issued 800 units Kequired: Prepare journal entries of the above materials transactions applying normal cost system (FIFO- Perpetual).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
This topic is about inventories. Please check the picture for the problem and requirement.

Transcribed Image Text:Silang Manufacturing Inc. has the following information regarding
materials transactions for the month of October:
Beginning balance
Purchased
October 1
200 units
@
@
P16
October 5
500 units
17
October 9
Purchased
500 units
18
October 16
Issued
900 units
October 17
Returned from factory
25 units
(issued on Oct 16)
October 24
Purchased
900 units
19
Returned to supplier
(from purchased on Oct 9)
October 24
25 units
October 27
Issued
800 units
Required: Prepare journal entries of the above materials transactions applying
normal cost system (FIFO- Perpetual).
7 00
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