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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
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:
- Specific Identification. Assume that the inventory left at the end of the month came from the June 10 purchases.
- FIFO – Periodic0
- FIFO – Perpetual
- Weighted Average
- Moving Average – Perpetual
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