Material YR has fluctuated in price over period 10 April 2013 and the chief accountant is unsure what price to cost the issues of materials to job 126. You are given the following information:
Material YR (Kg) Cost (RM)
Apr-01 Opening Balance 40,000 80,000
Apr-04 Receipts 4000 RM5 per Kg
Apr-08 Receipts 15,000 RM2 per Kg
Apr-17 Issues 44,000
Apr-19 Receipts 17,000 RM4.50 per Kg
Apr-28 Issues 20,000
Required:
a) Cost the issues of materials on 17th April and 28th April to job 126 using FIFO and LIFO methods. (Show the necessary workings)