PROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products: Number Unit Date Transaction of Units Cost 1/1 Beginning balance 1,600 P 14.00 1/6 Purchased 600 14.10 2/5 Sold at P24.00 per unit 2,000 3/19 Purchased 2,200 14.70 3/24 Purchase returns 160 14.70 4/10 Sold at P24.20 per unit 1,400 6/22 Purchased 16,800 15.00 7/31 Sold at P26.50 per unit 3,600 8/4 Sales returns at P26.50 per unit 40 9/4 Sold at P27 per unit 7,000 11/15 Purchased 1,000 16.00 12/28 Sold at P30 per unit 6,200 Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method. Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method. Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.
PROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products: Number Unit Date Transaction of Units Cost 1/1 Beginning balance 1,600 P 14.00 1/6 Purchased 600 14.10 2/5 Sold at P24.00 per unit 2,000 3/19 Purchased 2,200 14.70 3/24 Purchase returns 160 14.70 4/10 Sold at P24.20 per unit 1,400 6/22 Purchased 16,800 15.00 7/31 Sold at P26.50 per unit 3,600 8/4 Sales returns at P26.50 per unit 40 9/4 Sold at P27 per unit 7,000 11/15 Purchased 1,000 16.00 12/28 Sold at P30 per unit 6,200 Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method. Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method. Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PROBLEM 11: The following information has been extracted from the records of CCCCompanyabout one of its products:
Number
Unit
Date Transaction
of Units
Cost
1/1 Beginning balance 1,600 P 14.00
1/6 Purchased 600 14.10
2/5 Sold at P24.00 per unit 2,000
3/19 Purchased 2,200 14.70
3/24 Purchase returns 160 14.70
4/10 Sold at P24.20 per unit 1,400
6/22 Purchased 16,800 15.00
7/31 Sold at P26.50 per unit 3,600
8/4 Sales returns at P26.50 per unit 40
9/4 Sold at P27 per unit 7,000
11/15 Purchased 1,000 16.00
12/28 Sold at P30 per unit 6,200
- Compute for the closing inventory and cost of sales under the FIFO periodic methodandthe FIFO perpetual method.
- Compute for the closing inventory and cost of sales under the weighted averageperiodic method and the moving average method.
- Compute for the closing inventory and cost of sales under the LIFO periodic methodandthe LIFO perpetual method.
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