Inventory Costing Methods (ADOPTED) The following information was made available for a particular product sold by Blue Company:April 2Purchase700 units @ Php 158April 6Sale600 units @ Php 200April 12Purchase800 units @ Php 164April 18Sale700 units @ Php 220April 24Purchase500 units @ Php 170 There was no inventory of this particular product at the start of April. REQUIRED:Assume that Blue uses the periodic inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is:FIFOLIFOWeighted average

Name: Inventory Costing Methods (ADOPTED) The following information was made
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Inventory Costing Methods (ADOPTED) The following information was made available for a particular product sold by Blue Company:April 2Purchase700 units @ Php 158April 6Sale600 units @ Php 200April 12Purchase800 units @ Php 164April 18Sale700 units @

Particulars Units Cost per Unit Total Purchase 700 158 110600 Purchase 800 164 131200…

Answered: The following information was made…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...

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Inventory Costing Methods

(ADOPTED) The following information was made available for a particular product sold by Blue Company:

April 2	Purchase	700 units @ Php 158
April 6	Sale	600 units @ Php 200
April 12	Purchase	800 units @ Php 164
April 18	Sale	700 units @ Php 220
April 24	Purchase	500 units @ Php 170

There was no inventory of this particular product at the start of April.

REQUIRED:

Assume that Blue uses the periodic inventory system, compute the ending inventory, cost of goods sold, and gross profit for this product if the inventory costing method used is:

FIFO
LIFO
Weighted average

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