FIFO Perpetual Inventory System

Received (in) Issued (out)

Date Particulars Units Price Subtotal Units Price
Oct 1 Beginning
Oct 5 Purchased 500 17 8500

Oct 9 Purchased 500 18 9000

Oct 16 Issued 900 200 16

500 17
200 18
900
Oct 17 Returned from factory oct 16 25 18 450

Oct 24 Purchased 900 19 17100

Oct 24 Returned to supplier oct 9 25 18 450

Oct 27 Issued 300 18

500 19
800

The cost of materials used in the month of October: ₱ 29,750.00

(15300+14900-450)
The ending inventory in units: 400
The ending inventory in pesos: ₱ 7,600.00

Journal Entries for FIFO

Date Particulars Debit Credit
Oct 1

#
Oct 5 Materials 8500
Cash or Non-cash asset or A/P 8500
to record materials purchased
500 units at 17
#
Oct 9 Materials 9000
Cash or Non-cash asset or A/P 9000
to record materials purchased
500 units at 18
#
Oct 16 Work in process 15300
Materials 15300
to record materials issued to factory
200 at 16, 500 at 17, 200 at 18
#
Oct 17 Materials 450
Work in Process 450
to record materials returned from factory
25 at 18
#
Oct 24 Materials 17100
Cash or Non-cash asset or A/P 17100
to record materials purchased
900 units at 19
#
Oct 24 Materials 450
Work in Process 450
to record materials returned from factory
25 at 18
#
Oct 27 Work in process 14900
Materials 14900
to record materials issued to factory
300 at 18, 500 at 19
sued (out) Balance
Subtotal Units Price Total
200 16 3200
500 17 8500
700 11700
500 18 9000
1200 20700
3200
8500
3600
15300 300 18 5400
25 18 450
325 5850
900 19 17100
1225 22950
25 18 450
1200 22500
5400
9500
14900 400 19 7600
Moving average method

Received (in) Issued (out)

Date Particulars Units Price Subtotal Units Price
Oct 1 Beginning

Oct 5 Purchased 500 17 8500

Oct 9 Purchased 500 18 9000

Oct 16 Issued 900 900 17.25

Oct 17 Returned from factory oct 16 25 17.25 431.25

Oct 24 Purchased 900 19 17100

Oct 24 Returned to supplier from oct 9 25 18 450

Oct 27 Issued 800 800 18.54

The cost of materials used in the month of October:

(15525+14832-431.25) ₱ 29,925.75
The ending inventory in units: 400
The ending inventory in pesos: ₱ 7,424.25

#
Oct 5 Materials 8,500
Cash or Non-cash asset or A/P 8500
to record materials purchased
500 units at 17
#
Oct 9 Materials 9,000
Cash or Non-cash asset or A/P 9000
to record materials purchased
500 units at 18
#
Oct 16 Work in process 15,525
Materials 15525
to record materials issued to factory
200 at 16, 500 at 17, 200 at 18
#
Oct 17 Materials 431.25
Work in Process 431.25
to record materials returned from factory
 25 at 18
#
Oct 24 Materials 17000
Cash or Non-cash asset or A/P 17000
to record materials purchased
900 units at 19
#
Oct 24 Materials 450
Work in Process 450
to record materials returned from factory
25 at 18
#
Oct 27 Work in process 14832
Materials 14832
to record materials issued to factory
300 at 18, 500 at 19
ued (out) Balance
Subtotal Units Price Total
200 16 3200

700 16.71 11700

1200 17.25 20700

15525 300 17.25 5175

325 17.25 5606.25

1225 18.54 22706.25

1200 18.55 22256.25

14832 400 18.56 7424.25