ILLUSTRATION VIII (cost formulas)ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shownbelowDate TransactionUnits Unit costTotal costAug 1 Inventory712P72,000111,6002,000 P36.003,000 37.204,2006004,800 38.003,8001,900 38.60300PurchaseSalesSales returnPurchase1321182,40022SalesPurchase73,340(11,580)P427,7602930Purchase return38.60Total goods available for saleCompute for the (a) ending inventory and (b) COGS under the following cost formulas1. FIFO - periodic2. FIFO - perpetual3. Weighted average - periodic4. Weighted average - perpetual Illustration IV (Retail method)Presented below is information pertaining to ABC Co.CostRetailInventory, January 1Purchases8,70014,00055,30080,300Freight-in2,000Purchase discounts500Purchase returns5,200Departmental Transfers-In (Debit)Departmental Transfers-Out (Credit)8,6001,5001,2001,000800MarkupsMarkup cancellations6,0002,000Markdowns12,000Markdown cancellations3,000Abnormal spoilage (theft and casualty loss)Sales5,0007,00043,800Sales returns2,500Sales discounts1,000Employee discountsNormal spoilage (shrinkage and breakages)500200Compute for the COGS and Ending Inventory using the Average Cost and FIFO Method

Disclaimer: "Since you have asked multiple questions, we will solve the first question for you. If…

ILLUSTRATION VIII (cost formulas) ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shown below Units Unit cost 2,000 P36.00 3,000 37.20 4,200 600 Total cost P72,000 111,600 Date Transaction Aug 1 Inventory Purchase Sales 7 12 13 21 Sales return Purchase Sales Purchase Purchase return 4,800 38.00 3,800 1,900 38.60 300 182,400 22 29 73,340 (11,580) P427,760 30 38.60 Total goods available for sale Compute for the (a) ending inventory and (b) COGS under the following cost formulas 1. FIFO - periodic 2. FIFO - perpetual 3. Weighted average - periodic 4. Weighted average - perpetual

ILLUSTRATION VIII (cost formulas) ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shown below Units Unit cost 2,000 P36.00 3,000 37.20 4,200 600 Total cost P72,000 111,600 Date Transaction Aug 1 Inventory Purchase Sales 7 12 13 21 Sales return Purchase Sales Purchase Purchase return 4,800 38.00 3,800 1,900 38.60 300 182,400 22 29 73,340 (11,580) P427,760 30 38.60 Total goods available for sale Compute for the (a) ending inventory and (b) COGS under the following cost formulas 1. FIFO - periodic 2. FIFO - perpetual 3. Weighted average - periodic 4. Weighted average - perpetual

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Question 16 A merchandising company reported the following results for July, shown here $402.800 $169,100 $17.100 $14.200 $7.600 $30,100 Sales Cost of goods sold (all variable)) Total variable selling expense Total fised selling expense Total variable administrative expense Total fixed administrative expense
Please do not give solution in image format thanku
Do not give answer in image formate
Please Correct answer With Explanation And Do not Give solution in image format
Please provide answer in text (Without image)
shj.3
Req A1 only
The Corporation produces and markets two types of electronic Model and Model The following were gathered on activities during the third quarter Sales in units model 4A 5300 model 5A 3150 Sales price per unit model 4A $130 model 5A $230 Variable production costs per unit model 4A $26 model 5A $49 Traceable fixed production costs model 4A $203000 model 5A 303000 Variable selling expenses per unit model 4A $13 model 5A $15 Traceable fixed setting expenses model 4 A $11500 model 5A $16500 Allocated portion of corporate expenses model 4A $122000 model 5A $ 126000 Required: Prepare a segmented income statement for last quarter The statement should provide sufficient detail to allow the company to evaluate the performance of the manager of each product line.
1
3. Required information Skip to question [The following information applies to the questions displayed below.]Ferris Company began January with 4,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: Purchases Date of Purchase Units Unit Cost* Total Cost Jan. 10 3,000 $ 9 $ 27,000 Jan. 18 4,000 10 40,000 Totals 7,000 67,000 * Includes purchase price and cost of freight. Sales Date of Sale Units Jan. 5 2,000 Jan. 12 1,000 Jan. 20 3,000 Total 6,000 5,000 units were on hand at the end of the month.
Solve all please