1. Compute for the ending inventory under the Weighted Average cost formula. 2. 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 8/21 Purchase 4,800 38.00 182,400 8/22 Sales 3,800 8/29 Purchase 1,900 38.60 73,340 8/30 Purchase return 300 38.60 11,580

1. Compute for the ending inventory under the Weighted Average cost formula. 2. 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 8/21 Purchase 4,800 38.00 182,400 8/22 Sales 3,800 8/29 Purchase 1,900 38.60 73,340 8/30 Purchase return 300 38.60 11,580

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.2: Determining The Cost Of Merchandise Inventory

Problem 1OYO

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