During August, the receipts and distributions of Material No. B4G9 are as follo

Anonymous
timer Asked: Feb 23rd, 2016

Question description

During August, the receipts and distributions of Material No. B4G9 are as follows:

Received

Aug.31,100 units at $15
161,700 units at $17
29900 units at $18

Issued

Aug.11700 units for Job No. 116
181,900 units for Job No. 117
30800 units for Job No. 118
 (a) Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method.(b) Present the journal entry to record the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method. Refer to the Chart of Accounts for exact wording of account titles.

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