Inventory Costing Methods(ADOPTED) During the last quarter of the year, Ace Trading Company included ProductX among the product lines it carries and sells. During the period, the following transactionsrelated to Product X were made:PurchaseSalePurchase100 units @ Php 10090 units @ Php 150150 units @ Php 120120 units @ Php 18060 units @ Php 150SalePurchaseREQUIRED:A. Assuming Ace Trading Company uses perpetual inventory system, determine theending inventory and cost of goods sold under each of the following costingmethods:1. FIFO2. LIFO3. AverageB. Assuming Ace Trading Company uses periodic inventory system, determine theending inventory and cost of goods sold under each of the following costingmethods:4. FIFO5. LIFO6. Average

Date Purchase Cost of goods sold Balance Inventory Quantity Cost per Unit (In Php) Total Cost…

X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase Saie Purchase Sale Purchase 100 units @ Php 100 90 units @ Php 150 150 units @ Php 120 120 units @ Php 180 60 units @ Php 150 REQUIRED: A. Assuming Ace Trading Company uses perpetual inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average B. Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 4. FIFO 5. LIFO 6. Average

X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase Saie Purchase Sale Purchase 100 units @ Php 100 90 units @ Php 150 150 units @ Php 120 120 units @ Php 180 60 units @ Php 150 REQUIRED: A. Assuming Ace Trading Company uses perpetual inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average B. Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 4. FIFO 5. LIFO 6. Average

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 Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
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es W Required information [The following information applies to the questions displayed below.] (a 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 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
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