(ADOPTED) The following information was made available for a particular product sold by Blue Company: April 2 Purchase 700 units @ Php 158 April 6 Sale April 12 Purchase 800 units @ Php 164 April 18 Sale April 24 Purchase 500 units @ Php 170 600 units @ Php 200 700 units @ Php 220 There was no inventory of this particular product at the start of April. REQUIRED: A. Assume that Blue uses the periodic inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is: 1. FIFO 2. LIFO 3. Weighted average (SHOULD BE EXCEL FORMAT WITH FORMULA)
(ADOPTED) The following information was made available for a particular product sold by Blue Company: April 2 Purchase 700 units @ Php 158 April 6 Sale April 12 Purchase 800 units @ Php 164 April 18 Sale April 24 Purchase 500 units @ Php 170 600 units @ Php 200 700 units @ Php 220 There was no inventory of this particular product at the start of April. REQUIRED: A. Assume that Blue uses the periodic inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is: 1. FIFO 2. LIFO 3. Weighted average (SHOULD BE EXCEL FORMAT WITH FORMULA)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![(ADOPTED) The following information was made available for
a particular product sold by Blue Company:
April 2 Purchase 700 units @ Php 158
April 6 Sale
April 12 Purchase 800 units @ Php 164
April 18 Sale
April 24 Purchase 500 units @ Php 170
600 units @ Php 200
700 units @ Php 220
There was no inventory of this particular product at the start of
April.
REQUIRED:
A. Assume that Blue uses the periodic inventory system,
compute the ending inventory, cost of goods sold, and gross
profit for this product if the inventory costing method used
is:
1. FIFO
2. LIFO
3. Weighted average ( SHOULD BE EXCEL FORMAT WITH FORMULA)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6059a835-41e6-40ec-9cbd-8743d514078f%2F31407fdb-aeef-4fdd-a261-8b52cd02b1df%2F6kaheh_processed.png&w=3840&q=75)
Transcribed Image Text:(ADOPTED) The following information was made available for
a particular product sold by Blue Company:
April 2 Purchase 700 units @ Php 158
April 6 Sale
April 12 Purchase 800 units @ Php 164
April 18 Sale
April 24 Purchase 500 units @ Php 170
600 units @ Php 200
700 units @ Php 220
There was no inventory of this particular product at the start of
April.
REQUIRED:
A. Assume that Blue uses the periodic inventory system,
compute the ending inventory, cost of goods sold, and gross
profit for this product if the inventory costing method used
is:
1. FIFO
2. LIFO
3. Weighted average ( SHOULD BE EXCEL FORMAT WITH FORMULA)
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