Problem 6 reduction of purchases. (Recorded as net)Problem 6The following information is to be used in costing inventory on August 31.August 1Beginning balancePurchasedPurchasedIssued1,600 units at P6.00400units at P7.0059.1624400 units at P8.00800 units600 units at P9.00Purchased27 Issued1,000 unitsRequired: The cost of materials used and the cost assigned to the August 31 inventoryby each of these perpetual inventory costing methods:1. First-in, first-out2. Average.

Solution 1: Computation of ending inventory COGS under FIFO Date Beginning Inventory Purchase…

Problem 6 The following information is to be used in costing inventory on August 31. August 1 Beginning balance Purchased Purchased 1,600 units at P6.00 400 units at P7.00 400 units at P8.00 9 16 Issued 800 units 600 units at P9.00 1,000 units 24 Purchased Issued 27 Required: The cost of materials used and the cost assigned to the August 31 inventory by each of these perpetual inventory costing methods: 1. First-in, first-out 2. Average.

Problem 6 The following information is to be used in costing inventory on August 31. August 1 Beginning balance Purchased Purchased 1,600 units at P6.00 400 units at P7.00 400 units at P8.00 9 16 Issued 800 units 600 units at P9.00 1,000 units 24 Purchased Issued 27 Required: The cost of materials used and the cost assigned to the August 31 inventory by each of these perpetual inventory costing methods: 1. First-in, first-out 2. Average.

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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