The following information has been extracted from the records about one product:DateTransactionUnits Unit costTotal cost8/1 Beginning inventory2,00036.00P72,0008/7 Purchase3,00037.20111,6008/12 Sales4,2008/13 Sales return6008/21 Purchase4,80038.00182,4008/22 Sales3,8001,90038.6073,3408/29 Purchase8/30 Purchase return30038.6011,580Compute for the endinginventory under the WeightedAverage cost formula.Compute for the cost of salesunder the Moving Average costformula.

Inventory can be valued under the following methods:-(A) FIFO(B) LIFO(C) Simple Average(D) Weighted…

The following information has been extracted from the records about one product: Date Transaction Units Unit cost Total cost 8/1 Beginning inventory 2,000 36.00 P72,000 8/7 Purchase 3,000 37.20 111,600 8/12 Sales 4,200 8/13 Sales return 600 4,800 38.00 182,400 8/21 Purchase 8/22 Sales 3,800 1,900 38.60 73,340 8/29 Purchase 8/30 Purchase return 300 38.60 11,580 Compute for the ending inventory under the Weighted Average cost formula. Compute for the cost of sales under the Moving Average cost formula.

The following information has been extracted from the records about one product: Date Transaction Units Unit cost Total cost 8/1 Beginning inventory 2,000 36.00 P72,000 8/7 Purchase 3,000 37.20 111,600 8/12 Sales 4,200 8/13 Sales return 600 4,800 38.00 182,400 8/21 Purchase 8/22 Sales 3,800 1,900 38.60 73,340 8/29 Purchase 8/30 Purchase return 300 38.60 11,580 Compute for the ending inventory under the Weighted Average cost formula. Compute for the cost of sales under the Moving Average cost formula.

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1.7C

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