PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average
PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average
Chapter5: Process Costing
Section: Chapter Questions
Problem 9EA: Using the weighted-average method, compute the equivalent units of production if the beginning...
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PurrChem’s raw materials records contained the following information for the month of August:
August 1 Beginning inventory 1,250 kg. @ $250 per kg.
8 Received 1,000 kg. @ $275 per kg.
15 Issued 1,800 kg. into production.
24 Received 1,000 kg. @ $285 per kg.
27 Issued 1,200 kg. into production.
Determine the cost of materials issued into production and the
cost of the August 31 inventory under each of the following costing
methods (Round per unit amounts to three decimal places and
total amounts to the nearest dollar.):
1. FIFO
2. LIFO
3. Weighted average
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