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Prepare a raw material inventory card for material

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Reference no: EM131661738

Question - Prepare a raw material inventory card for Material A using FIFO and Weighted Average methods of inventory costing for the following transactions:

June 1   Opening Balance       50 units @ $5.00

June 2   Purchases                 40 units @ $4.50

June 3   Issues                      70 units

June 4   Purchases                 35 units @ $4.00

June 5   Issues                      45 units

Prepare the journal entry necessary to charge the raw material issued to the production process.

NOTE:  Use the inventory cards and blank General Journal extracts on the following page for your answer.

Reference no: EM131661738

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