Question: API Manufacturing has extracted the following store data for part no A5110 for the month of October: Date Receipt Purchase per unit Issued to production

API Manufacturing has extracted the following store data for part no A5110 for the month of October:

Date

Receipt

Purchase per unit

Issued to production

1/5

70 kg

30.50

3/5

90 kg

31.50

8/5

80

10/5

180 kg

32.20

15/5

110

Required:

Using the FIFO and LIFO methods to calculate the Cost of materials issued to production and balance of raw materials in Store Department.

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