Chapter 1-InventoriesInanciallued aatingMega Company had the following inventory transactions during2019UnitSelling PriceUnits250200275(120)(55)(250)300Unit CostP10.5011.00Inventory, January 1Purchase, March 7Purchase, July 15Sale, May 20Sale, June 30Sale, September 17Inventory, December 31अधि aP562,50011.75P14.0015.0016.00endor omeived andshipped onREQUIRED:31, 2019ry 2, 2020-The goodsDetermine the cost of ending Insontory, cost of goods sold and grossprofit under cach of the following inientory cost flru methods.Complete the table given beiow.cost to nearest rentare and total cost fo neerest pese(Where necessary, round off unitपा oापाecember 31in the yearere deliverrCost of End ngInventoryCost ofGoods SoldGross ProftFIFOWeighted Averagereceived an

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Unit Selling Price Units Unit Cost nuary 1 arch 7 ly 15 250 P10.50 11.00 200 275 11.75 (120) (55) [250) 300 P14.00 15.00 16.00 aber 17 ecember 31 he cost of ending insentory, cost of goods Rold and gross - each of the foilowing inuentory cost flow methods. etable given belou. Where necessary, round off unit est centano and total cost lo nearest pesol Cost of Ending Inventory Cost of Goods Sold Gross Proft

Unit Selling Price Units Unit Cost nuary 1 arch 7 ly 15 250 P10.50 11.00 200 275 11.75 (120) (55) [250) 300 P14.00 15.00 16.00 aber 17 ecember 31 he cost of ending insentory, cost of goods Rold and gross - each of the foilowing inuentory cost flow methods. etable given belou. Where necessary, round off unit est centano and total cost lo nearest pesol Cost of Ending Inventory Cost of Goods Sold Gross Proft

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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Required information Problem 5-1A (Algo) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Date March 1 March 5 Complete this question by entering your answers in the tabs below. Total March 5 Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. March 9 Problem 5-1A (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 75 units from beginning inventory, 205 units from the March 5 purchase, 55 units from the March 18 purchase, and 95 units from the March 25 purchase. Total March 9 March 18 Total March 18 March 25 Activities Total March 25 Beginning…
2. Nem Level Which of the two methods yields a conceptaly pefenbile valion of invemory E7-10 107.5 Alternative Ivety Methods Nevens Compary nes a peiodic invenory Duting November, the foillowing tranactions occurred: Dete Tronsecfion Units Cot/Uni November Balonce $3.50 50 350 Sole Pierhme Purchese Sole 13 300 400 5.00 21 28 200 SHOW ME HOW 150 Required: 1. Compute the cost of goods sold for November and the inventory ar the end of November for each of the following cost flow assumptions: FIPO 2. b. LIPO C Average cost Next Level What can you conclude about the effects of the inventory cost flow assumptions on the financial 2. statements
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Problem: AAA Company produces and sells Product X: Annual Demand 24,000 units Annual cost to held one unit of inventory P11.52 Order Cost P38.40 Beg. Inventory P 0 a. What is the Economic Order Quantity? b. How much is the total Order Costs? c. How much is the total Carrying Costs?
Units Unit cost/Selling price P4.00 Aug. 1. Beginning Purchase Purchase 20,000 10,000 20,000 15,000 15,000 40,000 3,000 7 4.20 10 4.30 12 Sale 7,80 Purchase Sale Sales return 16 4.60 20 8.10 28 ? The sale return relates to the August 20 sale. 4. If the FIFO cost flow method is used, the sales return would be costed back into inventory at what total amount?
Cost Selling price Costs to sell Product 1 2 3 $ Required: What unit values should Han use for each of its products when applying the lower of cost or net realizable value (LCNRV) rule to ending inventory? Cost Product 1 $ 20 40 20✔ $ 90 ✓ 50 ✓ 6 NRV Product 2 $ 90 120 40 34✔✔ $ X 60✔ Product 3 $ 50 70 10 Per Unit Inventory Value 20✔ X 50 ✓
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I found that gross profit of LIFO is 1270 but still cant find the weighted average for gross profit
answer both parts correctly