During the last quarter of the year, Ace Trading Company included Product X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase 100 units @ Php 100 Sale 90 units @ Php 150 Purchase 150 units @ Php 120 Sale 120 units @ Php 180 Purchase 60 units @ Php 150 REQUIRED: Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average
During the last quarter of the year, Ace Trading Company included Product X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase 100 units @ Php 100 Sale 90 units @ Php 150 Purchase 150 units @ Php 120 Sale 120 units @ Php 180 Purchase 60 units @ Php 150 REQUIRED: Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.27MCE
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Question
Inventory Costing Methods
(ADOPTED) During the last quarter of the year, Ace Trading Company included Product
X among the product lines it carries and sells. During the period, the following transactions
related to Product X were made:
Purchase | 100 units @ Php 100 |
Sale | 90 units @ Php 150 |
Purchase | 150 units @ Php 120 |
Sale | 120 units @ Php 180 |
Purchase | 60 units @ Php 150 |
REQUIRED:
Assuming Ace Trading Company uses periodic inventory system, determine the
ending inventory and cost of goods sold under each of the following costing
methods:
1. FIFO
2. LIFO
3. Average
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