PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions forAugust of the current year were us follows:NumberUnilTransactionBegnning balanceof Units20,000Date8/18/78/108/12CostP 4.00Purchase10,0004.20Purchase20,00015,0004,30Sale8/16Purchase20,0004.608/208/28SaleSale return40,0003.000The sclo roturn on August 28 rolatos to the salc madc on August 20.15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory atwhat unit cost?16. If the average cost flow method is used, the sale retum shall be costed back intoinventory at what unit cost?

Name: PROBLEM 12: DDD Company uses the perpetual inventory system. The inve
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Description: PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions forAugust of the current year were us follows:NumberUnilTransactionBegnning balanceof Units20,000Date8/18/78/108/12CostP 4.00Purchase10,0004.20Purchase20,00015,0

As per FIFO method, COGS will be from operating inventory and earliest purchase. And inventory…

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PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Unit Cost Number Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 P 4.00 Purchase 10,000 20,000 15,000 4.20 Purchase 4,30 Sale 8/16 Purchase 20,000 4.60 Sale Sale return The salo roturn on August 28 rolatos to thc salc madc on August 20. 8/20 8/28 40,000 3.000 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?

PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Unit Cost Number Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 P 4.00 Purchase 10,000 20,000 15,000 4.20 Purchase 4,30 Sale 8/16 Purchase 20,000 4.60 Sale Sale return The salo roturn on August 28 rolatos to thc salc madc on August 20. 8/20 8/28 40,000 3.000 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?

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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