4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During October 2020, its inventory records for one brand of designer jeans were as follows: Beginning inventory 100 pairs @ P120 Oct. 6 Purchase 40 pairs @ P125 Oct. 10 Sale 50 pairs Oct. 15 Purchase Oct. 20 Sale Oct. 25 Purchase 70 pairs @ P130 100 pairs 40 pairs @ P130 a. Determine the periodic FIFO cost of goods sold.
4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During October 2020, its inventory records for one brand of designer jeans were as follows: Beginning inventory 100 pairs @ P120 Oct. 6 Purchase 40 pairs @ P125 Oct. 10 Sale 50 pairs Oct. 15 Purchase Oct. 20 Sale Oct. 25 Purchase 70 pairs @ P130 100 pairs 40 pairs @ P130 a. Determine the periodic FIFO cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During
October 2020, its inventory records for one brand of designer jeans were as
follows:
Beginning inventory
Oct. 6 Purchase
Oct. 10 Sale
Oct. 15 Purchase
100 pairs @ P120
40 pairs @ P125
50 pairs
70 pairs @ P130
100 pairs
Oct. 20 Sale
Oct. 25 Purchase
40 pairs @ P130
a. Determine the periodic FIFO cost of goods sold.
b. Determine the ending inventory using moving average method (carry
calculations to 4 decimal places and round off to 3).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27da523c-1305-4dba-b632-4fe08ad77799%2Fdda8045e-1113-410c-b08c-4d3495b94a55%2Feqtvhw_processed.png&w=3840&q=75)
Transcribed Image Text:4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During
October 2020, its inventory records for one brand of designer jeans were as
follows:
Beginning inventory
Oct. 6 Purchase
Oct. 10 Sale
Oct. 15 Purchase
100 pairs @ P120
40 pairs @ P125
50 pairs
70 pairs @ P130
100 pairs
Oct. 20 Sale
Oct. 25 Purchase
40 pairs @ P130
a. Determine the periodic FIFO cost of goods sold.
b. Determine the ending inventory using moving average method (carry
calculations to 4 decimal places and round off to 3).
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