How do I find out the following?
The Kennedy Corporation uses Raw Material Z in a manufacturing process. Information as to balances on hand, purchases and requisitions of Raw Material Z is given below:
Jan. 1 Balance:
200 lbs. @ $1.50
8 Received 500 lbs. @ $1.55
18 Issued 100 lbs.
25 Issued 260 lbs.
30 Received 150 lbs. @ $1.60
If a perpetual inventory record of Raw Material Z is maintained on a FIFO basis, it will show a month end inventory of: