material yr has fluctuated in price over period


Material YR has fluctuated in price over period 10th April 2013 and the main accountant is unsure what price to cost the issues of materials to job 126. You are provided 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 problems of materials on 17th April and 28th April to job 126 using LIFO and FIFO methods.

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Financial Accounting: material yr has fluctuated in price over period
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