Response to the following problem:
The following transactions affecting materials occurred in February:
Feb. 1 Balance on hand, 1,200 ft @ $2.76, $3,312.00 (plastic tubing, materials ledger account-906).
5 Issued 60 ft to production on Materials Requisition No. 108.
11 Issued 200 ft on Materials Requisition No. 210.
14 Received 800 ft from a supplier, Receiving Report No. 634, price $2.80 per ft.
15 Issued 400 ft, Materials Requisition No. 274.
16 Returned to a supplier for credit, 90 ft purchased on February 14, which were found to be defective.
18 Received 1,000 ft, Receiving Report No. 712, price $2.83 per ft.
21 Issued 640 ft, Materials Requisition No. 318.
Required:
Record the transactions on materials ledger accounts similar to Figure. (The "On Order'' columns should be omitted.) Use the following inventory methods, assuming the use of a perpetual inventory system. Carry unit prices to four decimal places.
1. FIFO
2. LIFO
3. Moving average.