P2-6 Inventory costing methods The following transactions affecting materials occurred in February: LO3 Feb. 1 Balance...

P2-6 Inventory costing methods The following transactions affecting materials occurred in February: LO3 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 in materials ledger accounts similar to Figure 2-10. (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. Weighted average

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