Problem
Prepare the following inventory control through the FIFO method and weighted average cost.
The company Sinaí S.A DE C.V. began operations on February 28, 2019. In the month of March 2019, the following operations are carried out:
A. March 3 Raw material is purchased and paid by check and receives tax credit # 100045 from provider Molsa S.A DE C.V. 50 bags of extra strong flour at $20.00 each plus VAT.
B. March 4 The purchase of extra-strong flour of 75 bags is made at $21.00 plus VAT on credit and receives tax credit # 100067 from the supplier MOLSA S.A.
C. March 12 From the purchase of March 4, 6 bags of strong flour are returned to the supplier for being defective, and credit note # 24 is received.
D. March 13 Purchase 55 bags of extra-strong flour at $19.00 each plus VAT credit and receive tax credit # 100089 from supplier MOLSA S.A.
E. March 15 The production department requests in requisition # 0034 for 100 bags of extra-strong flour.
F. March 17 A requisition note #0036 is received for 48 bags of extra-strong flour,
G. On March 19, Purchases of 56 bags of extra-strong flour are made at $22.00 plus VAT on credit, and tax credit # 6895 is received from supplier MOLSA S.A.
H. March 20 The production department requests 30 bags of extra-strong flour in requisition # 10089.
Develop the exercise using the FIFO methods (first in, first out) and cost method average and do the analysis.