The Heaven & Earth Company made the following material purchase and issues during January: January 1 Balance on hand, 1,000 units at P 4.00 each 3 Issued 250 units 5 Received 500 units at P 4.50 each 6 Issued 150 units 10 Issued 110 units 11 Factory returned 10 units to the store room that were issued on the 10th 15 Received 500 units at P 5.00 each 20 Returned 300 units to vendor from May 15th purchase 26 Issued 100 units Required: Cost of materials used and inventory, end using: First-in, first-out Average
The Heaven & Earth Company made the following material purchase and issues during January:
January 1 Balance on hand, 1,000 units at P 4.00 each
3 Issued 250 units
5 Received 500 units at P 4.50 each
6 Issued 150 units
10 Issued 110 units
11 Factory returned 10 units to the store room that were issued on the 10th
15 Received 500 units at P 5.00 each
20 Returned 300 units to vendor from May 15th purchase
26 Issued 100 units
Required: Cost of materials used and inventory, end using:
- First-in, first-out
- Average
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