The materials account of the Lankford Company reflected the following changes during January: Assuming that Lankford Company maintains perpetual inventory records,calculate the cost of the ending inventory at January 31 and the cost of the units issued in January using the FIFO method.

Question

The materials account of the Lankford Company reflected the following changes during January:  Assuming that Lankford Company maintains perpetual inventory records,calculate the cost of the ending inventory at January 31 and the cost of the units issued in January using the FIFO method.

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The Answer of The materials account of the Lankford Company reflected the following changes during January:  Assuming that Lankford Company maintains perpetual inventory records,calculate the cost of the ending inventory at January 31 and the cost of the units issued in January using the FIFO method.

The Materials Account of the Lankford Company Reflected the Following