Using first-in, first-out; perpetual inventory costing; and the following information, determine the cost of materials used and

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Using first-in, first-out; perpetual inventory costing; and the following information, determine the cost of materials used and the cost of the July 31 inventory:

July 1 Balance on hand, 1,000 yd of linen@$4.00 each.

3 Issued 250 yd.

5 Received 500 yd@ $4.50 each.

6 Issued 150 yd.

10 Issued 110 yd.

11 Factory returned 10 yd, which were issued on the 10th, to the storeroom.

15 Received 500 yd@$5.00 each.

20 Returned 300 yd to the vendor from the July 15 purchase.

26 Issued 600 yd.

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Principles Of Cost Accounting

ISBN: 9780840037039

15th Edition

Authors: Edward J. Vanderbeck

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Question Posted: Jan 07, 2012 08:06 AM

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Using first-in, first-out; perpetual inventory costing; and the following information, determine the cost of materials used and

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Firstin firstout method Cost of materials used issued 445...View the full answer

Principles Of Cost Accounting

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