Apitong Company made two different schedules of grossincome for the quarter ended September 30:Problem 11-10 (IAA)inSPome for the quarter ended September 30:alSchedule 1 Schedule 2Sales (P100 per unit)Cost of goods sold2,800,0001,169,0002,800,0001,157,500Gross income1,631,0001,642,500The computation of cost of goods sold in each schedule is basedon the following data:UnitsUnit cost Total costBeginning inventory - July 1Purchase - July 25Purchase - August 25Purchase - September 5Purchase - September 2510,0008,0005,0007,00012,00040.0042.0041.3043.0042.50400,000336,000206,500301,000510,000Available for sale42,0001,753,500Required:Identify the inventory cost method used in preparing the twoschedules of gross income.

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Description: Apitong Company made two different schedules of grossincome for the quarter ended September 30:Problem 11-10 (IAA)inSPome for the quarter ended September 30:alSchedule 1 Schedule 2Sales (P100 per unit)Cost of goods sold2,800,0001,169,0002,800,0001,1

The inventory can be valued using various methods as FIFO, LIFO and weighted average method. FIFO-…

Business

Accounting

Apitong Company made two different schedules of gross income for the quarter ended September 30: Schedule 1 Schedule 2 Sales (P100 per unit) Cost of goods sold 2,800,000 1,169,000 2,800,000 1,157,500 Gross income 1,631,000 1,642,500 The computation of cost of goods sold in each schedule is based on the following data: Units Ünit cost Total cost Beginning inventory - July 1 Furchase - July 25 urchase - August 25 urchase - September 5 urchase - September 25 10,000 8,000 5,000 7,000 12,000 40.00 42.00 41.30 43.00 42.50 400,000 336,000 206,500 301,000 510,000

Apitong Company made two different schedules of gross income for the quarter ended September 30: Schedule 1 Schedule 2 Sales (P100 per unit) Cost of goods sold 2,800,000 1,169,000 2,800,000 1,157,500 Gross income 1,631,000 1,642,500 The computation of cost of goods sold in each schedule is based on the following data: Units Ünit cost Total cost Beginning inventory - July 1 Furchase - July 25 urchase - August 25 urchase - September 5 urchase - September 25 10,000 8,000 5,000 7,000 12,000 40.00 42.00 41.30 43.00 42.50 400,000 336,000 206,500 301,000 510,000

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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