The materials account of Herbert Industries reflected the following changes during May: Balance, May 1180 units @
Question:
The materials account of Herbert Industries reflected the following changes during May:
Balance, May 1180 units @ $30
Received, May 260 units @ $32
Issued, May 480 units
Received, May 27100 units @ $34
Issued, May 31150 units
Assuming that Herbert maintains perpetual inventory records, calculate the cost of the ending inventory at May 31 and the cost of the units issued in May using the LIFO method.
70. The materials account of the Herbert Company reflected the following changes during August:
Balance, August 118 units @ $200
Received, August 26 units @ $210
Issued, August 88 units
Received, August 1510 units @ $222
Issued, August 2715 units
Assuming that Herbert Company maintains perpetual inventory records, calculate the cost of the ending inventory at August 31 and the cost of the units issued in August using the moving average method.
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws