The supplementary ledger account of material Z presented the following entries in June 200X: No Date Document Quantity Price Value (kilograms) 1 08.06 Inflow 100 4 400 2 10.06 Inflow 200 5.5 1 100 3 12.06 Outflow 200 4 18.06 Inflow 150 6 900 5 25.06 Outflow 180 Required: Calculate the ending inventory cost and the cost of used materials Z for each of the given methods: a) weighted average cost method; b) FIFO; c) LIFO.
The supplementary ledger account of material Z presented the following entries in June 200X: No Date Document Quantity Price Value (kilograms) 1 08.06 Inflow 100 4 400 2 10.06 Inflow 200 5.5 1 100 3 12.06 Outflow 200 4 18.06 Inflow 150 6 900 5 25.06 Outflow 180 Required: Calculate the ending inventory cost and the cost of used materials Z for each of the given methods: a) weighted average cost method; b) FIFO; c) LIFO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:The supplementary ledger account of material Z presented the following entries in June 200X:
No
Date
Document
Quantity
Price
Value
(kilograms)
1
08.06
Inflow
100
4
400
2
10.06
Inflow
200
5.5
1 100
3
12.06
Outflow
200
4
18.06
Inflow
150
6.
900
25.06
Outflow
180
Required:
Calculate the ending inventory cost and the cost of used materials Z for each of the given methods:
a) weighted average cost method;
b) FIFO;
c) LIFO.
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