Required: Compute for the closing inventory and cost of sales under the weighted average periodic method and the moving average method. PROBLEM 11: The following information has been extracted from the records of CCC Companyabout one of its products:NumberUnitof Units1,600600CostP 14.0014.10DateTransactionBeginning balancePurchased1/11/62/53/193/244/106/227/318/4Sold at P24.00 per unit2,000Purchased14,702,2001601,40016,8003,600Purchase returns14.70Sold at P24.20 per unitPurchased15.00Sold at P26.50 per unitSales returns at P26.50 per unit40Sold at P27 per unit9/411/1512/287,0001,0006,200Purchased16.00Sold at P30 per unit

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Description: Required: Compute for the closing inventory and cost of sales under the weighted average periodic method and the moving average method. PROBLEM 11: The following information has been extracted from the records of CCC Companyabout one of its products:

PROBLEM 11 : Using weighted average method, Cost per unit as on Jan 6 = P14 + 14.1/2…

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Accounting

PROBLEM 11: The following information has been extracted from the records of CCC Company about one of its products: Number of Units 1,600 600 2,000 2,200 160 1,400 16,800 3,600 40 Unit Date 1/1 1/6 2/5 3/19 3/24 Transaction Beginning balance Purchased Sold at P24.00 per unit Purchased Purchase returns Cost P14.00 14.10 14.70 14.70 4/10 6/22 7/31 8/4 Sold at P24.20 per unit Purchased Sold at P26.50 per unit Sales returns at P26.50 per unit 15.00 Sold at P27 per unit Purchased Sold at P30 per unit 9/4 7,000 1,000 6,200 16.00 11/15 12/28

PROBLEM 11: The following information has been extracted from the records of CCC Company about one of its products: Number of Units 1,600 600 2,000 2,200 160 1,400 16,800 3,600 40 Unit Date 1/1 1/6 2/5 3/19 3/24 Transaction Beginning balance Purchased Sold at P24.00 per unit Purchased Purchase returns Cost P14.00 14.10 14.70 14.70 4/10 6/22 7/31 8/4 Sold at P24.20 per unit Purchased Sold at P26.50 per unit Sales returns at P26.50 per unit 15.00 Sold at P27 per unit Purchased Sold at P30 per unit 9/4 7,000 1,000 6,200 16.00 11/15 12/28

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Required: Compute for the closing inventory and cost of sales under the weighted average periodic method and the moving average method.

PROBLEM 11: The following information has been extracted from the records of CCC Company
about one of its products:
Number
Unit
of Units
1,600
600
Cost
P 14.00
14.10
Date
Transaction
Beginning balance
Purchased
1/1
1/6
2/5
3/19
3/24
4/10
6/22
7/31
8/4
Sold at P24.00 per unit
2,000
Purchased
14,70
2,200
160
1,400
16,800
3,600
Purchase returns
14.70
Sold at P24.20 per unit
Purchased
15.00
Sold at P26.50 per unit
Sales returns at P26.50 per unit
40
Sold at P27 per unit
9/4
11/15
12/28
7,000
1,000
6,200
Purchased
16.00
Sold at P30 per unit

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