Scribd
Upload
680 views1 page

AE 22 Assignment 3

The document contains two problems related to inventory valuation. Problem 1 provides transaction data for Material B-1 during March 2018 and asks to record the transactions using FIFO, LIFO, and moving average costing methods. Problem 2 provides inventory quantity, cost, and net realizable value (NRV) data for two groups of materials as of December 31, 2018 and asks to calculate inventory valuation using three different lower of cost or NRV methods.

Uploaded by

John Alfred Castino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
680 views1 page

AE 22 Assignment 3

The document contains two problems related to inventory valuation. Problem 1 provides transaction data for Material B-1 during March 2018 and asks to record the transactions using FIFO, LIFO, and moving average costing methods. Problem 2 provides inventory quantity, cost, and net realizable value (NRV) data for two groups of materials as of December 31, 2018 and asks to calculate inventory valuation using three different lower of cost or NRV methods.

Uploaded by

John Alfred Castino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

Problem No.

The Jing Manufacturing Company uses a perpetual inventory system to control materials. Data relating
to Material B-1 during March 2018 are given below:

March 1: Balance, 150 units at ₱40.00 each.

March 16: Received 200 units at ₱40.50 each per Purchase Order 074.

March 12: Issued 225 units per Requisition 018.

March 14: Received 250 units at ₱41.00 each per Purchase Order 083.

March 17: Issued 200 units per Requisition 023.

March 31: Issued 40 units per Requisition 019.

Required:

Enter the beginning balance in the Materials Ledger Card for each of the three inventory costing
methods: FIFO, LIFO and moving average method. Record each of the transactions on each of the
materials ledger cards. Round unit costs to the nearest centavo under the moving average method.

Problem No. 2

The following data pertain to the materials inventory of the Jess Bike Company on December 31, 2018:

Quantity Cost per Unit NRV per Unit


Group 1 – Wheels
Materials – X-1 100 ₱100.00 ₱110.00
Materials – X-2 200 150.00 130.00
Materials – X-3 120 160.00 150.00
Group 2 – Chains
Materials – A-4 120 50.00 45.00
Materials – A-5 110 75.00 72.50
Materials – A-6 25 60.00 63.00

Required:

Determine the amount to be reported as the inventory valuation at cost or NRV, under each of the
following methods: (1) lower of cost or NRV for each item, (2) lower of total cost or NRV by group and
(3) lower of costs or total NRV.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy