The Papa Manufacturing Company uses the perpetual inventory system in controlling its materials.Data relating to Material X-5 during March 2018 are given below:

March 1:Balance, 1,000 units at P125 each.

5:Issued 400 units, Requisition 091.

9:Received 600 units at P140 each, Purchase Order 016.

13:Issued 850 units, Requisition 094.

22:Received 200 units at P145 each, Purchase Order 023.

29:Issued 250 units, Requisition 098.

Required:

Enter the beginning balance on a materials ledger card for each of the two inventory costing methods; FIFO and moving average.Record each of the transactions on each of the material ledger cards.Round unit costs to the nearest centavo under the moving average costing method.

Answer rating: 100% (QA)

To calculate the beginning balance and record the transactions for Material X5 using the FIFO and mo... View the full answer