q3. complete solutions please. You are auditing STUVWXYZ Company. Following transactions were found in the record of the companyregarding its inventory for the month of April, 2022:April 1Beginning balance4Purchases2,000 units @ P78,000 units @ P89,000 units5Sales12Purchases9,000 units @ P615Sales7,000 units17Purchase5,000 units @ P720Sales4,000 units1,500 units29SalesIn the verification of its inventory stock card, you have noticed the following movements in the account:(STUVWXYZ applies the FIFO perpetual method) In the verification of its inventory stock card, you have noticed the following movements in the account:(STUVWXYZ applies the FIFO perpetual method)Cost of MerchandiseSoldPurchasesInventory BalanceUnitTotalUnit TotalUnitTotalDateQty CostCostQty CostCostQty CostCostApril 12,000714,00048,000 8 64,0002,00014,0008,00064,0005714,0001,0008,0008 56,000129,000 6 54,0001,0008,0009,00054,000157,0006 42,0001,0008,0002,00012,0005,000 7 35,0001,0008,0002,00012,0005,00035,0004,0007 28,0001,0001,0002,00012,0001,0007,0001,0008 1,0001,50069,00050063,0001,00077,00030Inventory, end2,50016,000Required: Compute the correct ending inventory (if any) as of April 30, 2022 using the FIFOPerpetual method of costing.сл1720292,0007,0007888686867867

Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…

Answered: Required: Compute the correct ending…

Business

Accounting

Required: Compute the correct ending inventory (if any) as of April 30, 2022 using the FIFO Perpetual method of costing

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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Question

q3. complete solutions please.

You are auditing STUVWXYZ Company. Following transactions were found in the record of the company
regarding its inventory for the month of April, 2022:
April 1
Beginning balance
4
Purchases
2,000 units @ P7
8,000 units @ P8
9,000 units
5
Sales
12
Purchases
9,000 units @ P6
15
Sales
7,000 units
17
Purchase
5,000 units @ P7
20
Sales
4,000 units
1,500 units
29
Sales
In the verification of its inventory stock card, you have noticed the following movements in the account:
(STUVWXYZ applies the FIFO perpetual method)

In the verification of its inventory stock card, you have noticed the following movements in the account:
(STUVWXYZ applies the FIFO perpetual method)
Cost of Merchandise
Sold
Purchases
Inventory Balance
Unit
Total
Unit Total
Unit
Total
Date
Qty Cost
Cost
Qty Cost
Cost
Qty Cost
Cost
April 1
2,000
7
14,000
4
8,000 8 64,000
2,000
14,000
8,000
64,000
5
7
14,000
1,000
8,000
8 56,000
12
9,000 6 54,000
1,000
8,000
9,000
54,000
15
7,000
6 42,000
1,000
8,000
2,000
12,000
5,000 7 35,000
1,000
8,000
2,000
12,000
5,000
35,000
4,000
7 28,000
1,000
1,000
2,000
12,000
1,000
7,000
1,000
8 1,000
1,500
6
9,000
500
6
3,000
1,000
7
7,000
30
Inventory, end
2,500
16,000
Required: Compute the correct ending inventory (if any) as of April 30, 2022 using the FIFO
Perpetual method of costing.
сл
17
20
29
2,000
7,000
7
8
8
8
6
8
6
8
6
7
8
6
7

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