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

Answer rating: 100% (QA)

Firstin Firstout FIFO Costing Opening balance 400 units 240unit 960 Invoice 248 300 units 260unit 78... View the full answer