FNSACC507 Accounting | Raw Material Inventory Card for Material
Prepare a raw material inventory card for Material A using FIFO and Weighted Average methods of inventory costing for the following transactions:
Prepare the journal entry necessary to charge the raw material issued to the production process.
Answer:
First In First Out (F.I.F.O.)
|
Date |
Received |
Issued |
Total | ||||||
|
|
Qty |
Unit $ |
Total |
Qty |
Unit |
Total$ |
Qty |
Unit |
Total$ |
|
|
|
|
|
|
|
|
|
|
|
|
June 1 |
|
|
|
|
|
|
50 |
5 |
250 |
|
|
|
|
|
|
|
|
|
|
|
|
June 2 |
40 |
4.5 |
180 |
|
|
|
50 |
5 |
250 |
|
|
|
|
|
|
|
|
+ |
|
+ |
|
|
|
|
|
|
|
|
40 |
4.5 |
180 |
|
|
|
|
|
|
|
|
90 |
|
430 |
|
|
|
|
|
|
|
|
|
|
|
|
June 3 |
|
|
|
50 + |
5 |
250 + |
20 |
4.5 |
90 |
|
|
|
|
|
20 |
4.5 |
90 |
|
|
|
|
|
|
|
|
70 |
|
340 |
|
|
|
|
June 4 |
35 |
4 |
140 |
|
|
|
20 |
4.5 |
90 |
|
|
|
|
|
|
|
|
+ 35 |
4 |
+ 140 |
|
June 5 |
|
|
|
20 |
4.5 |
90 |
55 |
|
230 |
|
|
|
| |||||||
|
|
|
|
|
+ 25 |
4 |
+ 100 |
|
|
|
|
Total issue |
|
|
|
45 |
|
190 |
10 |
4 |
40 |
General Journal
|
|
|
Debit($) |
Credit($) |
|
June 2
|
Work in progress A/c ...........Dr
To raw materials a/c (Being inventories ready for sale left in work in progress)
|
190
|
190
|
|
|
|
|
|
Weighted Average
|
Date |
Received |
Issued |
Total | ||||||
|
|
Qty |
Unit |
Total$ |
Qty |
Unit $ |
Total |
Qty |
Unit |
Total$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 1 |
|
|
|
|
|
|
50 |
5 |
250 |
|
|
|
|
|
|
|
|
|
|
|
|
June 2
|
40 |
4.5 |
180 |
|
|
|
50 + 40 |
5
4.5 |
250 + 180 |
|
June 3 |
|
|
|
70 |
4.778 |
334.4 |
90
|
4.778 |
430
|
|
20 |
4.778 |
95.56 | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
June 4 |
35 |
4 |
140 |
|
|
|
20 35 |
4.778 4 |
95.56 140 |
|
June 5 |
|
|
|
45 |
4.282 |
192.69 |
55 10 |
4.282 4.282 |
235.56 42.82 |
|
115 |
4.272 |
527.09
| |||||||
General Journal
|
|
|
Debit($) |
Credit($) |
|
June 2
|
Work in progress A/c ...........Dr
To raw materials a/c (Being inventories ready for sale left in work in progress)
|
527.09
|
527.09
|
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