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Problem I. The beginning inventory of raw materials is 1,000 units at P5 each. Purchases during the month were - Date Unit Price Number of Units 02-Jul P 5.50 2,000 07-Jul P 5.75 2,000 20-Jul P 5.25 4,000 30-Jul P 5.60 1,000 Issues to production totaled 6,000 units broken down as follows: Date Number of Units 03-Jul 2,500 15-Jul 2,000 29-Jul 1,500 Required. Compute the inventory on Jul 31 and the total amount charged to

Problem I. The beginning inventory of raw materials is 1,000 units at P5 each. Purchases during the month were - Date Unit Price Number of Units 02-Jul P 5.50 2,000 07-Jul P 5.75 2,000 20-Jul P 5.25 4,000 30-Jul P 5.60 1,000 Issues to production totaled 6,000 units broken down as follows: Date Number of Units 03-Jul 2,500 15-Jul 2,000 29-Jul 1,500 Required. Compute the inventory on Jul 31 and the total amount charged to

FINANCIAL ACCOUNTING
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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Problem I. The beginning inventory of raw materials is 1,000 units at P5 each. Purchases during the month were - Date Unit Price Number of Units 02-Jul P 5.50 2,000 07-Jul P 5.75 2,000 20-Jul P 5.25 4,000 30-Jul P 5.60 1,000 Issues to production totaled 6,000 units broken down as follows: Date Number of Units 03-Jul 2,500 15-Jul 2,000 29-Jul 1,500 Required. Compute the inventory on Jul 31 and the total amount charged to production using the following methods: 1) simple average,periodic 2) simple average, perpetual 3) weighted moving average, periodic 4) weighted moving average, perpetual
Transcribed Image Text:Problem I. The beginning inventory of raw materials is 1,000 units at P5 each. Purchases during the month were - Date Unit Price Number of Units 02-Jul P 5.50 2,000 07-Jul P 5.75 2,000 20-Jul P 5.25 4,000 30-Jul P 5.60 1,000 Issues to production totaled 6,000 units broken down as follows: Date Number of Units 03-Jul 2,500 15-Jul 2,000 29-Jul 1,500 Required. Compute the inventory on Jul 31 and the total amount charged to production using the following methods: 1) simple average,periodic 2) simple average, perpetual 3) weighted moving average, periodic 4) weighted moving average, perpetual
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