The Elmo Mfg. Co. maintains three-column stock cards for materials that are considered critical.

One of them is the piano hinge (item # 023) located in bin # 51 with reorder quantity of 50 units and

minimum and maximum balances of 20 and 80 units, respectively. Freight charges on purchases are

treated as additional cost of the item purchased. As of May 1, 200C the inventory of this item consists of:

20 units @ 60

45 units @ 70

The following data are given for this month:

May 2 - PO # 631 is issued for 50 units at 75.

8- Requisition # 356 is issued for 30 units to be chargeable to job # 056

Required date of issuance is May 15th

9 - Requisition # 357 is issued for the immediate issuance of 15 units for job # 054

10 - Return shipping order # 010 is issued for 5 units. Purchase cost was at 70

12 - Receiving and inspection report # 256 is issued for 35 units ordered per P.O. #631.

Freight cost is 21

14 - Return shipping order # 021 is issued for 10 units previously received per RIR #256

15 - Requisition # 356 is complied with

17 - Requisition # 360 is issued and immediately complied with. Accordingly, 12 units

are charged to job # 058

24 - An order for 50 units @ 80 is made per P.O. #636

26 - Five units previously issued to job #054 (per requisition no. 357) are returned to the

stockroom per returned materials report # 08

28 - Requisition # 365 is issued for 20 units that are to be charged to job # 065 and

needed on June 5

29 - RIR # 270 is issued for 30 units ordered per P.O. 636. Freight in is 12

30 - Ten units are returned to supplier (P.O. # 636 per return shipping order # 025

Requirement: Make the entries on a 3-column stock card using the average costing method.