Beginning inventory, 100 units @P1.50; purchases: Jan 24 – 300 units @P1.56 Jun 11-150 units @P1.60 Oct 15- 150 units @P1.70 Units sold: Feb 8 – 80 units @P2 Mar 18 – 140 units @ P2.50 Aug 18 – 130 units @P3.00 Sept 6 – 110 units @P3.50 Dec 29 – 140 units @P5. 1. If a perpetual inventory system is used on a FIFO basis, what will be the value of the ending inventory? 2. No perpetual inventory is maintained, quantities at the end are determined through physical count, and the data on purchases are provided but not the data on sales. Using FIFO what would be the value of the ending inventory? 3. If moving average is used under perpetual inventory system, how much would be the cost of sales on March 18?
Beginning inventory, 100 units @P1.50;
purchases: Jan 24 – 300 units @P1.56
Jun 11-150 units @P1.60
Oct 15- 150 units @P1.70
Units sold: Feb 8 – 80 units @P2
Mar 18 – 140 units @ P2.50
Aug 18 – 130 units @P3.00
Sept 6 – 110 units @P3.50
Dec 29 – 140 units @P5.
1. If a perpetual inventory system is used on a FIFO basis, what will be the value of the ending inventory?
2. No perpetual inventory is maintained, quantities at the end are determined through physical count, and the data on purchases are provided but not the data on sales. Using FIFO what would be the value of the ending inventory?
3. If moving average is used under perpetual inventory system, how much would be the cost of sales on March 18?
4. P1,037.13 will be the gross profit of the company under?
5. Purchases made by the company amounted to?
6. this is the cost of sales on December 29 under perpetual, FIFO?
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