ne 1 Balance 5,000 units @ P20.00 each June 3 Sale 3,000 units @ P35.00 each June 10 Purchases 6,000 units @ P21.50 each   June 13 Purchases 3,000 units @ P20.50 each   June 20 Sales 1,500 units @ P35.00 each June 25 Purchases 2,000 units @ P22.00 each June 28 Sales 5,500 units @ P35.00 each

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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Angel Company provided the following data for June 30:

 

June 1

Balance

5,000 units @ P20.00 each

June 3

Sale

3,000 units @ P35.00 each

June 10

Purchases

6,000 units @ P21.50 each

 

June 13

Purchases

3,000 units @ P20.50 each

 

June 20

Sales

1,500 units @ P35.00 each

June 25

Purchases

2,000 units @ P22.00 each

June 28

Sales

5,500 units @ P35.00 each

June 30

Sales

2,500 units @ P35.00 each

 

Requirements: Compute the inventory cost at the end of June based on the following cost-flow assumptions:

 

  1. Specific Identification. Assume that the inventory left at the end of the month came from the June 10 purchases.
  2. FIFO – Periodic0
  3. FIFO – Perpetual
  4. Weighted Average
  5. Moving Average – Perpetual
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