Hi,

i Need help with the following question:

FIFO Method.

Thanks

Chapter 4. Materials & Labour 187 67 24 1 ards using 7. Mur Ray Pty Ltd uses a perpetual inventory system. The unit cost of inventory is assigned using the FIFO method. During April the company had the following transactions for an inventory item in the factory store: ch. April 1 Beginning inventory 5 Issues to Job 565 160 @ $12.20 $1,952 100 units 10 Purchases on credit 120 @ $12.80 $1,536 18 Issues to Job 570 160 units 20 Purchases 60 @ $13.40 $804 23 Returns from Job 570 20 units 24 Returns to supplier (from purchases Apr 20) 20 units Required: (a) Prepare an inventory ledger card (stock card) to record the above. (b) Prepare a general journal entry to record the total issues for April. (c) A physical stocktake at 30 April shows only 75 units on hand. Prepare a general journal entry to record the cost of any inventory variance