The cost of materials used and the cost assigned to the August 31 inventory by each of these perpetual inventory costing methods: 1. FIFO method 2. Average method
The following is to be used in costing inventory on August 31:
August 1 Beginning balance 1,600 units @ P6.00
5 Purchased 400 units @ P7.00
9 Purchased 400 units @ P8.00
16 Issued 800 units
24 Purchased 600 units @ P9.00
27 Issued 1,000 units
Required: The cost of materials used and the cost assigned to the August 31 inventory by each of these perpetual inventory costing methods:
1. FIFO method
2. Average method
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