PROBLEM 13: III Company wholesales bicycles and accounts for its inventory usingtheperpetual inventory system. All 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 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 sold for P1,200 each. 12/09 Purchased 55 bicycles at P910 each. 12/12 Purchased 76 bicycles at P960 each. 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. 12/22 Sold 60 bicycles for P1,250 each. 12/26 Purchased 72 bicycles at P980 each. 12/29 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 originally cost P910 each. 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: III Company wholesales bicycles and accounts for its inventory usingtheperpetual inventory system. All 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 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 sold for P1,200
each.
12/09 Purchased 55 bicycles at P910 each.
12/12 Purchased 76 bicycles at P960 each.
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.
12/22 Sold 60 bicycles for P1,250 each.
12/26 Purchased 72 bicycles at P980 each.
12/29 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 originally
cost P910 each.
- 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:
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