PROBLEM 11: The following information has been extracted from the records of CCC Companyabout one of its products:NumberUnitof UnitsDate1/11/62/5TransactionBeginning balarcePurchasedSald at P24.C0 par unitCostF 14.001,60060014.102.0003/19Purchcsed2,20014.703/244/106/22!131Purchose returns1601,40016,80014./0Sold at P24.20 per unitPurchosed15.00Sold at P26.50 per unitSales returns at P25.50 per unit3,600408/49/4Sold at P27 per unit7,00011/1512/28Purchased1,0006.20016.00Sald at P30 per unit12. Compute for the closing inventory and cost of sales under the FIFO peiodic method ardthe FIFO perpetual method.13. Compute for the closing inventory and cost of saes under the weighted averaçeperiodic method and the mɔving averoge method.14. Compute for the closing inventory and cost of sales under the LIFO periodic method ardthe LIFO perpetual method.

Under the perpetual inventory system, closing inventory is valued after each transaction while under…

PROBLEM 11: The following information has been extracted from the records of CCC Company about one of its products: Number Unit of Units Date 1/1 1/6 2/5 3/19 3/24 4/10 6/22 !/31 8/4 Transaction Beginning balarce Purchosed Sold at P24 COperunit Purchosed 1,600 600 2.000 2,200 Cost P 14.00 14.10 14.70 Purchose returns 160 1,400 16,900 3,600 40 14./0 Səld at P24.20 per unit Purchcsed 15.00 Sold at P26.50 perunit Sales returns at P25.50 per unit 9/4 7,000 1,000 6,200 Sold at P27 per unit 11/15 Purchcsed 16.00 12,28 Sold at P30 per unit 12. Compute for the closing inventory and cost of sales under the FIFO periodic method ard the FIFO perpetual method. 13. Compute for the closing inventory and cost of saes under the weighted average periodic method and the moving averoge method. 14. Compute for the closing inventory and cost of sales under the IIFO periodic method ard the LIFO perpelual method.

PROBLEM 11: The following information has been extracted from the records of CCC Company about one of its products: Number Unit of Units Date 1/1 1/6 2/5 3/19 3/24 4/10 6/22 !/31 8/4 Transaction Beginning balarce Purchosed Sold at P24 COperunit Purchosed 1,600 600 2.000 2,200 Cost P 14.00 14.10 14.70 Purchose returns 160 1,400 16,900 3,600 40 14./0 Səld at P24.20 per unit Purchcsed 15.00 Sold at P26.50 perunit Sales returns at P25.50 per unit 9/4 7,000 1,000 6,200 Sold at P27 per unit 11/15 Purchcsed 16.00 12,28 Sold at P30 per unit 12. Compute for the closing inventory and cost of sales under the FIFO periodic method ard the FIFO perpetual method. 13. Compute for the closing inventory and cost of saes under the weighted average periodic method and the moving averoge method. 14. Compute for the closing inventory and cost of sales under the IIFO periodic method ard the LIFO perpelual method.

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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January 1 January 12 January 24 January 28 Balance: 30 units @ 40 units @ 3 units @ 50 units @ $35 per unit $36 per unit $36 per unit $50 per unit Purchases: Purchase Return: Sales: The company uses the last in first out (LIFO) method of accounting for inventory. All purc and sales are done on account. Record all required entries related to inventory movemer order of occurrence using the period method (NOT THE PERPETUAL). Action/Date Periodic Method Beginning 1/1 Purchase 1/12 Return 1/24 Sales 1/28 Adjustment 1/31
net realizable value = 902