P3-4. Alex Comipany. runs. a computer-supplies company.:During the first:few. months of the . year, the accounting records shows.the following transšactions: January. Februäry March April-. „May. "Total'operafing expenses during the period amounted lo P5,000. Opening'stock of 400 units at a costiof.P30.00 each- Bought 200 P50,00 éach Bought 120 units. at a 'cost of P38.00 eäch. Şold 280 units for P50,00 each Required:" a. Calculate the ending inventory using FIFO, LIFO and average method 6. Determinė ihe net income undet éach méthod:

P3-4. Alex Comipany. runs. a computer-supplies company.:During the first:few. months of the . year, the accounting records shows.the following transšactions: January. Februäry March April-. „May. "Total'operafing expenses during the period amounted lo P5,000. Opening'stock of 400 units at a costiof.P30.00 each- Bought 200 P50,00 éach Bought 120 units. at a 'cost of P38.00 eäch. Şold 280 units for P50,00 each Required:" a. Calculate the ending inventory using FIFO, LIFO and average method 6. Determinė ihe net income undet éach méthod:

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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the first journal goes up to 29 not 7