The following information has been extracted from the records about one product: Date Transaction Units Unit cost Total cost 8/1 Beginning inventory 2,000 36.00 P72,000 8/7 Purchase 3,000 37.20 111,600 8/12 Sales 4,200 8/13 Sales return 600 4,800 38.00 182,400 8/21 Purchase 8/22 Sales 3,800 1,900 38.60 73,340 8/29 Purchase 8/30 Purchase return 300 38.60 11,580 Compute for the ending inventory under the Weighted Average cost formula. Compute for the cost of sales under the Moving Average cost formula.
The following information has been extracted from the records about one product: Date Transaction Units Unit cost Total cost 8/1 Beginning inventory 2,000 36.00 P72,000 8/7 Purchase 3,000 37.20 111,600 8/12 Sales 4,200 8/13 Sales return 600 4,800 38.00 182,400 8/21 Purchase 8/22 Sales 3,800 1,900 38.60 73,340 8/29 Purchase 8/30 Purchase return 300 38.60 11,580 Compute for the ending inventory under the Weighted Average cost formula. Compute for the cost of sales under the Moving Average cost formula.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The following information has been extracted from the records about one product:
Date
Transaction
Units Unit cost
Total cost
8/1 Beginning inventory
2,000
36.00
P72,000
8/7 Purchase
3,000
37.20
111,600
8/12 Sales
4,200
8/13 Sales return
600
8/21 Purchase
4,800
38.00
182,400
8/22 Sales
3,800
1,900
38.60
73,340
8/29 Purchase
8/30 Purchase return
300
38.60
11,580
Compute for the ending
inventory under the Weighted
Average cost formula.
Compute for the cost of sales
under the Moving Average cost
formula.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcbed21f2-fccf-48e4-b56c-67ace2cea4f5%2Fcbeafc87-c03b-4cb9-a362-c6e829429fe8%2F40tupal_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following information has been extracted from the records about one product:
Date
Transaction
Units Unit cost
Total cost
8/1 Beginning inventory
2,000
36.00
P72,000
8/7 Purchase
3,000
37.20
111,600
8/12 Sales
4,200
8/13 Sales return
600
8/21 Purchase
4,800
38.00
182,400
8/22 Sales
3,800
1,900
38.60
73,340
8/29 Purchase
8/30 Purchase return
300
38.60
11,580
Compute for the ending
inventory under the Weighted
Average cost formula.
Compute for the cost of sales
under the Moving Average cost
formula.
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