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Using FIFO costing method, how much materials cost must be charged to the various job orders in April, 2018?

Using FIFO costing method, how much materials cost must be charged to the various job orders in April, 2018?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. The following information appears on the stock card for material B for April, 2018: 700 units @ P5.00 Beginning balance: 2,500 units @ P6.00 2,000 units @ P5.50 3,000 units @ P5.80 Purchases: April 10 18 27 Issuances: April 11 2.000 units for Job No. 76 15 700 units for Job No. 79 1,500 units for Job No. 75 600 units for Job No. 79 20 25 30 1,500 units for Job No. 76 On April 19, 200 units of the April 18 delivery was returned to the supplier for being defective. Accordingly, a credit memo was received from the latter. On April 29, 100 units were returned to the storeroom by the department that made the requisition last April 20. Using FIFO costing method, how much materials cost must be charged to the various job orders in April, 2018? Job Order No. 75 Job Order No. 76 Job Order No. 79 P7,950 P19,910 P18,250 P7,500 P7,500 a. b. P9,000 C. P8,500 P19,910 P7,500 d. None of the above; answer is
Transcribed Image Text:2. The following information appears on the stock card for material B for April, 2018: 700 units @ P5.00 Beginning balance: 2,500 units @ P6.00 2,000 units @ P5.50 3,000 units @ P5.80 Purchases: April 10 18 27 Issuances: April 11 2.000 units for Job No. 76 15 700 units for Job No. 79 1,500 units for Job No. 75 600 units for Job No. 79 20 25 30 1,500 units for Job No. 76 On April 19, 200 units of the April 18 delivery was returned to the supplier for being defective. Accordingly, a credit memo was received from the latter. On April 29, 100 units were returned to the storeroom by the department that made the requisition last April 20. Using FIFO costing method, how much materials cost must be charged to the various job orders in April, 2018? Job Order No. 75 Job Order No. 76 Job Order No. 79 P7,950 P19,910 P18,250 P7,500 P7,500 a. b. P9,000 C. P8,500 P19,910 P7,500 d. None of the above; answer is
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