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 Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: FIFO LIFO Average
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 Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: FIFO LIFO Average
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 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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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 |
Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods:
- FIFO
- LIFO
- Average
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