Question - Prepare a raw material inventory card for Material A using FIFO and Weighted Average methods of inventory costing for the following transactions:
June 1 Opening Balance 50 units @ $5.00
June 2 Purchases 40 units @ $4.50
June 3 Issues 70 units
June 4 Purchases 35 units @ $4.00
June 5 Issues 45 units
Prepare the journal entry necessary to charge the raw material issued to the production process.
NOTE: Use the inventory cards and blank General Journal extracts on the following page for your answer.