Answer number 5 please For the next two (2) questions:ABC Company uses the periodic inventory system. The inventory transactions for August of the currentyear were as follows:Unit cost/Selling priceP4.00UnitsAug.1BeginningPurchasePurchase20,00010,00020,00015,00015,00040,0003,00074.20104.3012Sale7,80PurchaseSaleSales return164.60208.1028?The sale return relates to the August 20 sale.4. If the FIF0 cost flow method is used, the sales return would be costed back into inventory atwhat total amount?5. If the weighted average method is used, how much is the cost of goods sold for the month ofAugust?

Under periodic inventory system, we would determine the cost of goods available for sale and units…

For the next two (2) questions: ABC Company uses the periodic inventory system. The inventory transactions for August of the current year were as follows: Unit cost/Selling price P4.00 Units Aug. 7 10 20,000 10,000 20,000 1 Beginning Purchase Purchase 4.20 4.30 12 Sale 15,000 15,000 40,000 3,000 7.80 16 20 Purchase Sale 4.60 8.10 28 Sales return ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back inventory at what total amount? 5. If the weighted average method is used, how much is the cost of goods sold for the month of August?

For the next two (2) questions: ABC Company uses the periodic inventory system. The inventory transactions for August of the current year were as follows: Unit cost/Selling price P4.00 Units Aug. 7 10 20,000 10,000 20,000 1 Beginning Purchase Purchase 4.20 4.30 12 Sale 15,000 15,000 40,000 3,000 7.80 16 20 Purchase Sale 4.60 8.10 28 Sales return ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back inventory at what total amount? 5. If the weighted average method is used, how much is the cost of goods sold for the month of August?

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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