During August, the receipts and distributions of Material No. B4G9 are as follows:
(a) Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method.
(b) Present the journal entry to record the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method.

Question

During August, the receipts and distributions of Material No. B4G9 are as follows:  
(a) Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method. 
(b) Present the journal entry to record the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method.

Quizplus · Accepted Answer

The Answer of During August, the receipts and distributions of Material No. B4G9 are as follows:  
(a) Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method. 
(b) Present the journal entry to record the issuance of the materials for the month, assuming that the cost of issuances is determined by the first-in, first-out method.

During August, the Receipts and Distributions of Material No