Question: Please answer this with what is required please help me Problem 1. Jannah Furniture Company, a manufacturer of office furniture, uses a perpetual inventory system
Please answer this with what is required please help me
Problem 1. Jannah Furniture Company, a manufacturer of office furniture, uses a perpetual inventory system to control materials. During May 2020, the following transactions took place in completing an order for office chairs and tables.
May 1 : Material A-42: Balance, 271 units @ P 9.50.
Material A-18: Balance, 83 units @ P7.00
2 : Issued 110 units of Material A-42 oer Requisition 032.
3 : Received 650 units of Material A-42 at 10.20 and 650 units of Materials B-18 at P6.50. these materials were ordered in Purchase Order 507.
6 : Issued 175 units of Material B-18 per Requisition 034.
8 : Issued 150 units of Material A-42 per Requisition 036.
12 : Issued 80 units of Material B-18 per Requisition 046.
26 : Received 650 units of Material B-18 at P5.90 per Purchase Order 061.
31 : Issued 210 units of Material A-42 and 382 units of Material B-18 O Material Requisition 082
Required: 1. Prepare a material ledger cards and record each transactions using the FIFO inventory costing
2. Record each of the transactions on material ledger cards. Use the moving average method of inventory costing Carry your computations to 2 decimal places
Problem 2. The following data relates to the materials of inventory of the Manny Garments Factory Units Unit Costs NRV per Unit Group 1 Material AA 460 P 140 P 130 Material BB 830 85 90 Group 11 Material CC 1,290 120 145 Material DD 580 65 55
Required: 1. What is the value of the inventory if the lower of cost or net realizable value method is applied to the individual items?
2. What is the value if the inventory if the lower of cost or net realizable value rule is applied to the inventory as a whole.
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