The bisset corporation uses raw material a in a, Ask an Expert

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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

Date
Transaction
Number of Units
Unit Price
Balance of Units
Jan. 1 Beginning balance 100 $1.40 100
Jan. 24 Purchased 300 $1.55 400
Feb. 8 Issued 80 320
Mar. 16 Issued 140 180
Jun. 11 Purchased 150 $1.62 330
Aug. 18 Issued 130 200
Sep. 6 Issued 110 90
Oct. 15 Purchased 150 $1.70 240
Dec. 29 Issued 140 100

If a perpetual inventory record of Raw Material A is maintained on a FIFO basis, 200 units on hand on August 18 will consist of:

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M939689

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