Evercise Silang Manufacturing Inc. has the following information regarding materials transactions for the month of October: October 1 Beginning balance 200 units P16 October 5 Purchased 500 units 17 October 9 Purchased 500 units 18 October 16 October 17 Returned from factory Issued 900 units 25 units (issued on Oct 16) October 24 Purchased 900 units 19 October 24 Returned to supplier 25 units (from purchased on Oct 9) October 27 Issued 800 units Required: Prepare journal entries of the above materials transactions applying normal cost system (FIFO - Perpetual).
Evercise Silang Manufacturing Inc. has the following information regarding materials transactions for the month of October: October 1 Beginning balance 200 units P16 October 5 Purchased 500 units 17 October 9 Purchased 500 units 18 October 16 October 17 Returned from factory Issued 900 units 25 units (issued on Oct 16) October 24 Purchased 900 units 19 October 24 Returned to supplier 25 units (from purchased on Oct 9) October 27 Issued 800 units Required: Prepare journal entries of the above materials transactions applying normal cost system (FIFO - Perpetual).
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....
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