PurrChem's raw materials record contained the following information for the month of August: August 1...
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Accounting
PurrChem's raw materials record contained the following information for the month of August:
August 1 Beginning inventory 1,250 kg. @ $250 per kg.
8 Received 1,000 kg. @ $275 per kg.
15 Issued 1,800 kg. into production.
24 Received 1,000 kg. @ $285 per kg.
27 Issued 1,200 kg. into production.
Determine the cost of materials issued into production and the cost of the August 31 inventory under each of the following costing methods (Round per unit amounts to three decimal places and total amounts to the nearest dollar.):
1. FIFO
2. LIFO
3. Weighted average
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