(indicate if the change is an increase or decrease)!Problem #5. The following data pertains to the Material 777 inventory of Greyjoy Manufacturing Company:May 11,000 units, total cost of $118,500May 10Purchased 300 units at $125 per unitMay 16Issued to production, 300 unitsMay 26Issued to production, 750 unitsMay 28Purchased 400 units at P136.25 per unitMay 31Issued to production, 350 units.The Company is using Average method in costing its materials inventory.1. Compute the cost of materials issued to production for the month of May.2. Calculate the cost of materials inventory as of May 31.

Weighted Average Method :— It is one of the method of inventory valuation in which average cost per…

(indicate if the change is an increase or decrease)! Problem #5. The following data pertains to the Material 777 inventory of Greyjoy Manufacturing Company: May 1 1,000 units, total cost of $118,500 May 10 Purchased 300 units at $125 per unit May 16 Issued to production, 300 units Issued to production, 750 units May 26 May 28 Purchased 400 units at $136.25 per unit Issued to production, 350 units. May 31 The Company is using Average method in costing its materials inventory. 1. Compute the cost of materials issued to production for the month of May. 2. Calculate the cost of materials inventory as of May 31.

(indicate if the change is an increase or decrease)! Problem #5. The following data pertains to the Material 777 inventory of Greyjoy Manufacturing Company: May 1 1,000 units, total cost of $118,500 May 10 Purchased 300 units at $125 per unit May 16 Issued to production, 300 units Issued to production, 750 units May 26 May 28 Purchased 400 units at $136.25 per unit Issued to production, 350 units. May 31 The Company is using Average method in costing its materials inventory. 1. Compute the cost of materials issued to production for the month of May. 2. Calculate the cost of materials inventory as of May 31.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2EA: A company started a new product, and in the first month started 100,000 units. The ending work in...

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