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NEEDED IN 10 MINUTES Computational. ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3. Date Purchased Sold Balance of Purchase January 1 (Inventory beginning) 3,000 units @ P250 Purchases January 24, 3,300 units @ P260 June 11, 2,140 units @ P280 Sales February 8, 4,800 units @ P350 March 16, 1,060 @ P350 For the 6 months under weighted average cost (periodic) determine the gross profit (Sample answer: 254,360. Round off your answer to the nearest peso)

NEEDED IN 10 MINUTES Computational. ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3. Date Purchased Sold Balance of Purchase January 1 (Inventory beginning) 3,000 units @ P250 Purchases January 24, 3,300 units @ P260 June 11, 2,140 units @ P280 Sales February 8, 4,800 units @ P350 March 16, 1,060 @ P350 For the 6 months under weighted average cost (periodic) determine the gross profit (Sample answer: 254,360. Round off your answer to the nearest peso)

FINANCIAL ACCOUNTING
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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NEEDED IN 10 MINUTES

Computational. ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3.
Date Purchased Sold Balance of Purchase
January 1 (Inventory beginning) 3,000 units @ P250
Purchases
January 24, 3,300 units @ P260
June 11, 2,140 units @ P280
Sales
February 8, 4,800 units @ P350
March 16, 1,060 @ P350
For the 6 months under weighted average cost (periodic) determine the gross profit (Sample answer: 254,360. Round off your answer to the nearest peso)

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