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March Lakson Company Limited had following activity in material No. 200. March 1 Balance 400 units; cost 960 March 3 Invoice No. 248; 300 units;

March Lakson Company Limited had following activity in material No. 200.

March 1

Balance 400 units; cost 960

March 3

Invoice No. 248; 300 units; cost 780

March 7

Requisition No. 427; 100 units

March 15

Invoice No. 342; 200 units; cost 540

March 18

Requisition No. 437; 150 units

March 21

Requisition No. 449; 300 units

March 25

Invoice No. 349; 150 units; cost 420

March 29

Requisition No. 510; 200 units


Required: Prepare a separate materials ledger card showing date, Invoice number, requisition no, unit cost, and amount for the receipts and issues using store ledger cards under each of the following assumptions as to flow of materials cost:

  1. First-in, First-Out (FIFO) Costing
  2. Last-in, First-Out (LIFO) Costing
  3. Moving Average Costing

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Firstin Firstout FIFO Costing Opening balance 400 units 240unit 960 Invoice 248 300 units 260unit 78... blur-text-image

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