An entity uses the periodic inventory system. Beginning inventory listed 20,000 units at P6.10 each. Below are the following transactions during the current month in chronological order: Purchased 100,000 units atP5.50 each Sold 80,000 units at P12 each Purchased 60,000 units at P5 each Sold 70,000 units at P11 each What is the cost of ending inventory using FIFO? What is the cost of ending inventory using weighted average?
An entity uses the periodic inventory system. Beginning inventory listed 20,000 units at P6.10 each. Below are the following transactions during the current month in chronological order: Purchased 100,000 units atP5.50 each Sold 80,000 units at P12 each Purchased 60,000 units at P5 each Sold 70,000 units at P11 each What is the cost of ending inventory using FIFO? What is the cost of ending inventory using weighted average?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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An entity uses the periodic inventory system. Beginning inventory listed 20,000 units at P6.10 each. Below are the following transactions during the current month in chronological order:
Purchased 100,000 units atP5.50 each
Sold 80,000 units at P12 each
Purchased 60,000 units at P5 each
Sold 70,000 units at P11 each
What is the cost of ending inventory using FIFO?
What is the cost of ending inventory using weighted average?
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