2. Compute for the Cost of Goods Sold using the following:• Sales – P15,000Purchases – P2,000Purchase returns – P200• Purchase discounts – P200• Freight in – P100• Beginning inventory – P1,000• Ending inventory – P500

Here in this question we are require to calculate cost of good sold. Cost of goods sold is a cost…

Answered: 2. Compute for the Cost of Goods Sold…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 10 units @ $9.00 cost 20 units @ $15.00 cost 15 units @ $17.00 cost Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Perpetual LIFO: Goods purchased Cost of Goods Sold Cost of Goods # of Date Cost per Cost per Cost of ( unit # of units Available for units unit Sol Sale sold December 7 10 at $ 9.00 $ 90.00 20 at $ 15.00 $ 300.00 December 14 Total December 14 15 at $ 23.00 = December 15 Total December 15 15 at $ 17.00 $ 255.00 %3D December 21 Totals
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2. Compute for the Cost of Goods Sold using the following: • Sales – P15,000 • Purchases – P2,000 • Purchase returns - P200 • Purchase discounts – P200 Freight in – P100 Beginning inventory – P1,000 Ending inventory – P500