ADOPTED) The following information was made available for a particular product sold by Yellow 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: A. Assume that Yellow 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
(ADOPTED) The following information was made available for a particular product sold by Yellow 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:
A. Assume that Yellow 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
B. Assume that Yellow uses the perpetual 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
- Moving average
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