CORNY CORPORATION

PRACTICE PROBLEM

Corny Corp. that uses a perpetual inventory system had the following
transactions for Material #12 during July:

July 1 Beginning balance: 2,800 units @ P12.00 per unit

4 Issued 1,200 units
6 Received 1,000 units @ P13.30 per unit
8 Issued 1,000 units
14 Received 400 units @ P14.00 per unit
17 Issued 800 units
20 Received 500 units @ P14.16 per unit

REQUIRED:

Prepare a materials ledger card for Material 999, using

A. FIFO costing

1. A. FIFO Costing
Date Receipts Issues Balance
Quantity Unit Amount Quantity Unit Amount Quantity Unit Amount
Cost Cost Cost

July 1 Balance 2,800 P12 P33,600

4 1,200 P12 P14,400 1,600 12 19,200
6 1,000 P13.30 P13,300 1,600 12 19,200
1,000 13.30 13,300
8 1,000 12 12,000 600 12 7,200
1,000 13.30 13,300
14 400 14 5,600 600 12 7,200
1,000 13.30 13,300
400 14 5,600
17 600 12 7,200 800 13.30 10,640
200 13.30 2,660 400 14 5,600
20 500 14.16 7,080 800 13.30 10,640
400 14 5,600
500 14.16 7,080