FIFO Costing
Using FIFO, perpetual inventory costing; and the following information, determine the cost of materials used and the cost of the July 31 inventory:
July 1. Balance on hand, 1,000 yd of linen @$4.00 each.
July 3. Issued 250 yd.
July 5. Received 500 yd. @ $4.50 each.
July 6. Issued 150 yd.
July 10. Issued 110 yd.
July 11. Factory returned 10 yd, which were issued on the 10th, to the storeroom.
July 15. Received 500 yd. @ $5.00 each.
July 20. Returned 300 yd to the vendor from the July 15 purchase.
July 26. Issued 600 yd.