Inventory Costing Methods(ADOPTED) During the last quarter of the year, Ace Trading Company included Product X among the product lines it carries and sells. During the period, the following transactions related to Product X were made:Purchase100 units @ Php 100Sale90 units @ Php 150Purchase150 units @ Php 120Sale120 units @ Php 180Purchase60 units @ Php 150REQUIRED:Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods:1. FIFO2. LIFO3. Average

Name: Inventory Costing Methods(ADOPTED) During the last quarter of the year
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Inventory Costing Methods(ADOPTED) During the last quarter of the year, Ace Trading Company included Product X among the product lines it carries and sells. During the period, the following transactions related to Product X were made:Purchase100 unit

Particulars Units Cost per Unit Total Purchase 100 Php 100 Php 10000 Purchase…

Answered: During the last quarter of the year,…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.27MCE

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Inventory Costing Methods
(ADOPTED) During the last quarter of the year, Ace Trading Company included Product
X among the product lines it carries and sells. During the period, the following transactions
related to Product X were made:

Purchase	100 units @ Php 100
Sale	90 units @ Php 150
Purchase	150 units @ Php 120
Sale	120 units @ Php 180
Purchase	60 units @ Php 150

REQUIRED:
Assuming Ace Trading Company uses periodic inventory system, determine the
ending inventory and cost of goods sold under each of the following costing
methods:
1. FIFO
2. LIFO
3. Average

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