The Bisset Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A If a perpetual inventory record of Raw Material A is maintained on a FIFO basis, the September 6 issue will consist of:

Question

The Bisset Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A  If a perpetual inventory record of Raw Material A is maintained on a FIFO basis, the September 6 issue will consist of:

Quizplus · Accepted Answer

On a FIFO basis, 50 of the units issued on September 6 would have been assigned a cost of $1.55 per unit and the remaining 60 units issued on that date would have been assigned a cost of $1.62 per unit as follows:
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The Bisset Corporation Uses Raw Material a in a Manufacturing