PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using theperpetual inventory system. Al its purchases and sales are on credit. The company's reportingdate is December 31. During the month ended December 31, 2022, the following inventorytransactions took place:12/01 hventory on hand consisted of 350 bicycles at P820each and 43 bicydes at P850 each.12/02 Sold 300 bicycles for P1,200 each.12/03Five bicycles were returned by a customer. They hadoriginally cost P820 each and were sald for P1.200each.Purchased 55 bicydles at P910 each.Purchased 76 bicydles at P960 each.12/0912/1212/15 Sold 86 bicycles for P1350 each.12/16Returned one damaged bicyde to the suppier whichhad been purchased on December 9.Sold 60 bicycles for P1,250 each.Purchased 72 bicydles at P980 each.Two bicyces sold on December 22 were returned bya customer. The bicydes were badly damaged so itwas decided to write them off. They had origindlycost P910each12/2212/2612/2917. The cost of sdes for the month ended December 31, 2022 using FIFO method is:18. The cost of inventory as of December 31, 2022 using moving average method is:

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Description: PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using theperpetual inventory system. Al its purchases and sales are on credit. The company's reportingdate is December 31. During the month ended December 31, 2022, the follow

Under the FIFO method, the inventory that entered first in the stock is cleared first.

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PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using the perpetual inventory system. All its purchases and sales are on credit. The company's reporting date is December 31. During the month ended December 31, 2022, the folowing inventory transactions took place: 12/01 Inventory on hand consisted of 350 bicycles at P820 each and 43 bicycles at P850 each. 12/02 Sold 300 bicycles for P1,200 each. 12/03 Five bicycles were returned by a customer. They had originally cost P820 each and were sald for Pl.200 each. Purchased 55 bicycles at P910 each. Purchased 76 bicycles at P960 each. 12/09 12/12 12/15 Sold 86 bicycles for P1,350 each. 12/16 Returned one damaged bicycle to the supplier which had been purchased on December 9. Sold 60 bicycles for P1.250 each. Purchased 72 bicycles at P980 each. Two bicycles sold on December 22 were returned by a customer. The bicycles were badly damaged so it was decided to write them off. They had origindly cost P910each 12/22 12/26 12/29 17. The cost of sales for the month ended December 31, 2022 using FIFO method is: 18. The cost of inventory as of December 31, 2022 using moving average method is:

PROBLEM 13: II Company wholesales bicycles and accounts for its inventory using the perpetual inventory system. All its purchases and sales are on credit. The company's reporting date is December 31. During the month ended December 31, 2022, the folowing inventory transactions took place: 12/01 Inventory on hand consisted of 350 bicycles at P820 each and 43 bicycles at P850 each. 12/02 Sold 300 bicycles for P1,200 each. 12/03 Five bicycles were returned by a customer. They had originally cost P820 each and were sald for Pl.200 each. Purchased 55 bicycles at P910 each. Purchased 76 bicycles at P960 each. 12/09 12/12 12/15 Sold 86 bicycles for P1,350 each. 12/16 Returned one damaged bicycle to the supplier which had been purchased on December 9. Sold 60 bicycles for P1.250 each. Purchased 72 bicycles at P980 each. Two bicycles sold on December 22 were returned by a customer. The bicycles were badly damaged so it was decided to write them off. They had origindly cost P910each 12/22 12/26 12/29 17. The cost of sales for the month ended December 31, 2022 using FIFO method is: 18. The cost of inventory as of December 31, 2022 using moving average method is:

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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