Question: Prepare a raw material inventory card for Material A using FIFO and Weighted Average methods of inventory costing for the following transactions: June 1 Opening

Prepare a raw material inventory card for Material A using FIFO and Weighted Average methods of inventory costing for the following transactions:

June 1 Opening Balance 50 units @ $5.00

June 2 Purchases 40 units @ $4.50

June 3 Issues 70 units

June 4 Purchases 35 units @ $4.00

June 5 Issues 45 units

Prepare the journal entry necessary to charge the raw material issued to the production process.

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