Inventory Costing Methods (ADOPTED) The following information was made available for a particular product sold by Blue Company: April 2 Purchase 700 units @ Php 158 April 6 Sale April 12 Purchase 800 units @ Php 164 April 18 Sale April 24 Purchase 500 units @ Php 170 600 units @ Php 200 700 units @ Php 220 There was no inventory of this particular product at the start of April.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Only answer the weighted average. Please use excel and take a screenshot of it with formula. 

Inventory Costing Methods
(ADOPTED) The following information was made available for
a particular product sold by Blue Company:
April 2 Purchase 700 units @ Php 158
April 6 Sale
April 12 Purchase 800 units @ Php 164
April 18 Sale
April 24 Purchase 500 units @ Php 170
600 units @ Php 200
700 units @ Php 220
There was no inventory of this particular product at the start of
April.
REQUIRED:
A. Assume that Blue uses the periodic inventory system,
compute the ending inventory, cost of goods sold, and gross
profit for this product if the inventory costing method used
is:
1. FIFO
2. LIFO
3. Weighted average
B. Assume that Blue uses the perpetual inventory system,
compute the ending inventory, cost of goods sold, and gross
profit for this product if the inventory costing method used
is:
4. FIFO
5. LIFO
6. Moving average
Transcribed Image Text:Inventory Costing Methods (ADOPTED) The following information was made available for a particular product sold by Blue Company: April 2 Purchase 700 units @ Php 158 April 6 Sale April 12 Purchase 800 units @ Php 164 April 18 Sale April 24 Purchase 500 units @ Php 170 600 units @ Php 200 700 units @ Php 220 There was no inventory of this particular product at the start of April. REQUIRED: A. Assume that Blue uses the periodic inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is: 1. FIFO 2. LIFO 3. Weighted average B. Assume that Blue uses the perpetual inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is: 4. FIFO 5. LIFO 6. Moving average
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