Solution-Calculate ending raw materials inventory and raw

Calculate ending raw materials inventory and raw material

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Reference no: EM132622962

Etchas Company is a manufacturer of men and women underwear. During the month of September 2019, the accounting records show the following raw materials transactions:

September 1, beginning materials inventory of 470 yards at cost of $5/yard

September 7, received from purchase 70 yards at a cost of $4.50/yard

September 15, issued 250 yards for production

September 18, received from purchase 120 yards at a cost of $4.75/yard

September 20, returned to supplier 10 yards (assume materials returned were from the most recent purchase)

September 26, issued 250 yards for production

September 27, returned 10 yards already issued to the warehouse (assume materials returned were from the most recent issuance)

September 30, received from purchase 30 yards at a cost of $5.10/yard

Required:

Question 1: Calculate the ending raw materials inventory and raw materials used under the following inventory systems:

a. FIFO

b. Weighted average

c. Moving average

Reference no: EM132622962

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Calculate ending raw materials inventory and raw material

Reference no: EM132622962

Reference no: EM132622962

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