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.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEA: The following three identical units of Item BZ1810 are purchased during November: Assume that one...

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