Ledger Cards for Materials. Records of the Summit Company show the following purchases and issues of

Ledger Cards for Materials. Records of the Summit Company show the following purchases and issues of materials during October:

October I. Beginning balance: 2,800 units @ $12.00 per unit.

4. Issued 1,200 units.

6. Received 1,000 units @ $13.30 per unit.

8. Issued 1,000 units.

14. Received 400 units @ $ I 4.00 per unit.

17. Issued 800 units.

20. Received 500 units @ $14.16 per unit.

25. Issued 900 units.

27. Received 1,200 units @ $13.00 per unit.

Required: (1) A materials ledger card using fifo costing. (2) A materials ledger card using lifo costing.

(3) A materials ledger card using average costing.

(4) Cost of materials issued during October for the three methods. (5) Cost of ending inventories.

(6) The October 31 inventory if the market price of the materials on that date is $11per unit.

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