During last month, P&G Inc. made the following sales and purchases of pencil erasersTJuly 01July 08July 19July 26July 29July 31A.B.Sales Price $12 per unitSales Price $14 per unitSales Price $16 per unitFrom the information given above calculate the closing stock using method fori.Purchase 400 items @ $10.00 eachPurchase 600 items @ $7.00 eachSold 500 itemsSold 200 itemsPurchase 600 items @ $6.00 each500 itemsii.FIFOAVCOPrepare the Trading Account for the period using FIFO and AVCO, showing clearlythe Cost of Sales and the Gross Profit.

Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

During last month, P&G Inc. made the following sales and purchases of pencil erasers Purchase 400 items @ $10.00 each Purchase 600 items @ $7.00 each Sold 500 items Sold 200 items Purchase 600 items @ $6.00 each 500 items July 01 July 08 July 19 July 26 July 29 July 31 A. Sales Price $12 per unit Sales Price $14 per unit Sales Price $16 per unit From the information given above calculate the closing stock using method for P Prepare the Trading Account for the period using FIFO and AVCO, showing clearly the Cost of Sales and the Gross Profit. B. i. ii. FIFO AVCO

During last month, P&G Inc. made the following sales and purchases of pencil erasers Purchase 400 items @ $10.00 each Purchase 600 items @ $7.00 each Sold 500 items Sold 200 items Purchase 600 items @ $6.00 each 500 items July 01 July 08 July 19 July 26 July 29 July 31 A. Sales Price $12 per unit Sales Price $14 per unit Sales Price $16 per unit From the information given above calculate the closing stock using method for P Prepare the Trading Account for the period using FIFO and AVCO, showing clearly the Cost of Sales and the Gross Profit. B. i. ii. FIFO AVCO

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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