The following data pertain to a particular item sold by Gemini Company. August 1 - Beginning inventory 2,000 units at P50 August 8 - Purchases 9,000 units at P52 August 10 - Sales 1,500 units at P130 August 14 - Purchases 3,000 units at P55 August 20 - Sales 8,000 units at P135 August 29 - Purchases 1,500 units at P59 Question: - Using the weigthed average method, how much is the gross profit during the month of August? A. P503,500 B. P771,500 C. P714,500 D. P785,000 - If the units sold on August 10 are specifically identified as originating from the beginning balance on August 1 and the August 20 sales are specifically identified as originating from August 8 purchase, how much is the cost of the goods sold during August? A. P491,000 B. P419,000 C. P490,000 D. P568,000
The following data pertain to a particular item sold by Gemini Company.
August 1 - Beginning inventory 2,000 units at P50
August 8 - Purchases 9,000 units at P52
August 10 - Sales 1,500 units at P130
August 14 - Purchases 3,000 units at P55
August 20 - Sales 8,000 units at P135
August 29 - Purchases 1,500 units at P59
Question:
- Using the weigthed average method, how much is the gross profit during the month of August?
A. P503,500
B. P771,500
C. P714,500
D. P785,000
- If the units sold on August 10 are specifically identified as originating from the beginning balance on August 1 and the August 20 sales are specifically identified as originating from August 8 purchase, how much is the cost of the goods sold during August?
A. P491,000
B. P419,000
C. P490,000
D. P568,000
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