Reference no: EM132655903
The management of Fortified chain of Bakeries desires to come up with a costing record that presents the movement or issuance and purchases butter- their primary ingredient in Baking Pastries. Below are the purchases and issuance of butter to the company's different bakery chains for June:
Date Transaction
June 1 Balance, 500 units at P48
4 Purchased 800 units at P52 per unit
8 Issued 700 units to Bakery chain 1
12 Purchased 1,300 units at P65 per unit
19 Purchased 200 units at P70
25 Issued 500 units to Bakery chain 2
29 Purchased 100 units at P72
Problem 1: Provide the following using FIFO inventory valuation method. The answers must be in two decimal places.
A. Computation of raw materials available for use, raw materials issued and raw materials inventory.
B. Composition of remaining raw materials.