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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 Date Transaction Beginning balance Cost P 14.00 1/1 1/6 2/5 3/19 3/24 Purchased 600 14.10 Sold at P24.00 per unit Purchased Purchase returns 2,000 2,200 160 14.70 14.70 Sold at P24.20 per unit Purchased 1,400 16,800 3,600 40 4/10 15.00 6/22 7/31 8/4 Sold at P26.50 per unit Sales returns at P26.50 per unit

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 Date Transaction Beginning balance Cost P 14.00 1/1 1/6 2/5 3/19 3/24 Purchased 600 14.10 Sold at P24.00 per unit Purchased Purchase returns 2,000 2,200 160 14.70 14.70 Sold at P24.20 per unit Purchased 1,400 16,800 3,600 40 4/10 15.00 6/22 7/31 8/4 Sold at P26.50 per unit Sales returns at P26.50 per unit

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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12. Compute for the closing inventory and cost of sales under the FIFO periodic method and the FIFO perpetual method.

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

14. Compute for the closing inventory and cost of sales under the LIFO periodic method and the LIFO perpetual method.

9/4 Sold at P27 per unit 11/15 12/28 7,000 1,000 6,200 Purchased 16.00 Sold at P30 per unit 12. Compute for the closing inventory and cost of sales under the FIFO periodic method and the FIFO perpetual method. 13. Compute for the closing inventory and cost of sales under the weighted average periodic method and the moving average method. 14. Compute for the closing inventory and cost of sales under the LIFO periodic method and the LIFO perpetual method.
Transcribed Image Text:9/4 Sold at P27 per unit 11/15 12/28 7,000 1,000 6,200 Purchased 16.00 Sold at P30 per unit 12. Compute for the closing inventory and cost of sales under the FIFO periodic method and the FIFO perpetual method. 13. Compute for the closing inventory and cost of sales under the weighted average periodic method and the moving average method. 14. Compute for the closing inventory and cost of sales under the LIFO periodic method and the LIFO perpetual method.
PROBLEM 11: The following information has been extracted from the records of CCC Company about one of its products: Number of Units 1,600 Unit Date Transaction Cost 1/1 Beginning balance P 14.00 1/6 2/5 3/19 3/24 4/10 Purchased 600 14.10 Sold at P24.00 per unit Purchased Purchase returns 2,000 2,200 160 14.70 14.70 Sold at P24.20 per unit Purchased 1,400 15.00 6/22 7/31 8/4 Sold at P26.50 per unit Sales returns at P26.50 per unit 16,800 3,600 40
Transcribed Image Text:PROBLEM 11: The following information has been extracted from the records of CCC Company about one of its products: Number of Units 1,600 Unit Date Transaction Cost 1/1 Beginning balance P 14.00 1/6 2/5 3/19 3/24 4/10 Purchased 600 14.10 Sold at P24.00 per unit Purchased Purchase returns 2,000 2,200 160 14.70 14.70 Sold at P24.20 per unit Purchased 1,400 15.00 6/22 7/31 8/4 Sold at P26.50 per unit Sales returns at P26.50 per unit 16,800 3,600 40
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