Required:unit costs to the nearest cent for inventory; show computations):GoodsSoldGrossEndingInventoryMarginIndependent Assumptionsa. FIFO .b. Weighted average, periodic inventorysystem .C. Moving average, perpetual inventorysystem........ Problem 3Inventory, CGS, Gross Margin - Inventory Cost Methods. The recordsof Cookie Company showed the following transactions, in the order given,relating to the major inventory item:UnitsUnit CostP6.901. Inventory..2. Purchase.3. Sales (at P15).4. Purchase.5. Sales (at P15)...6. Purchase..7. Sales (at P18)..8. Purchase..3,0006,0004,0005,0009,00011,0009,0006,0007.207.507:667.80

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

Complete the following schedule for each Ending Inventory Required: unit costs to the nearest cent for inventory; show computations): Goods Sold Gross Margin Independent Assumptions a. FIFO . b. Weighted average, periodic inventory system . C. Moving average, perpetual inventory Durtom

Complete the following schedule for each Ending Inventory Required: unit costs to the nearest cent for inventory; show computations): Goods Sold Gross Margin Independent Assumptions a. FIFO . b. Weighted average, periodic inventory system . C. Moving average, perpetual inventory Durtom

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Required:
unit costs to the nearest cent for inventory; show computations):
Goods
Sold
Gross
Ending
Inventory
Margin
Independent Assumptions
a. FIFO .
b. Weighted average, periodic inventory
system .
C. Moving average, perpetual inventory
system.
.......

Problem 3
Inventory, CGS, Gross Margin - Inventory Cost Methods. The records
of Cookie Company showed the following transactions, in the order given,
relating to the major inventory item:
Units
Unit Cost
P6.90
1. Inventory..
2. Purchase.
3. Sales (at P15).
4. Purchase.
5. Sales (at P15)...
6. Purchase..
7. Sales (at P18)..
8. Purchase..
3,000
6,000
4,000
5,000
9,000
11,000
9,000
6,000
7.20
7.50
7:66
7.80

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