The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Determine the cost of each of the issuances under a perpetual system, using the FIFO method.

Perpetual System

An inventory accounting system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

FIFO Method

A method used in accounting to value inventory and determine cost of goods sold, assuming the oldest inventory items are sold first.

Material Q

Material Q seems not to be a standard key term in most contexts and without further context appears to be NO.