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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).

FINANCIAL ACCOUNTING
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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This topic is about inventories. Please check the picture for the problem and requirement.

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
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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