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Question
During August, the receipts and distributions of Material No. B4G9 are as follows:
| Received | |
| Aug. 3 | 1,100 units at $15 |
| 16 | 1,700 units at $17 |
| 29 | 900 units at $18 |
| Issued | |
| Aug. 11 | 700 units for Job No. 116 |
| 18 | 1,900 units for Job No. 117 |
| 30 | 800 units for Job No. 118 |
a. Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method.
b. Journalize a summary entry for the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method.
Answer
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