Woodworks Company deals in furniture and uses periodic inventory system. The following transaction occurred during the month of March, 2020. Date Description No. of Chairs Unit Cost Total DATE DESCRIPTION NO. OF CHAIRS UNIT COST TOTAL March 1 Opening Inventory 100 P 40 P 4,000 March 15 New Purchases 50 42 2,100 March 20 New Purchases 75 45 3,375 TOTAL 225 P 9,475 The Company sold 200 chairs in March, 2020. Required: Compute ending inventory and cost of goods sold under each of the following methods. a. FIFO c. Moving average cost b. LIFO d. Weighted average cost
Woodworks Company deals in furniture and uses periodic inventory system. The following transaction occurred during the month of March, 2020. Date Description No. of Chairs Unit Cost Total DATE DESCRIPTION NO. OF CHAIRS UNIT COST TOTAL March 1 Opening Inventory 100 P 40 P 4,000 March 15 New Purchases 50 42 2,100 March 20 New Purchases 75 45 3,375 TOTAL 225 P 9,475 The Company sold 200 chairs in March, 2020. Required: Compute ending inventory and cost of goods sold under each of the following methods. a. FIFO c. Moving average cost b. LIFO d. Weighted average cost
Chapter10: Inventory
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Woodworks Company deals in furniture and uses periodic inventory system.
The following transaction occurred during the month of March, 2020.
Date Description No. of Chairs Unit Cost Total
DATE | DESCRIPTION | NO. OF CHAIRS | UNIT COST | TOTAL |
March 1 | Opening Inventory | 100 | P 40 | P 4,000 |
March 15 | New Purchases | 50 | 42 | 2,100 |
March 20 | New Purchases | 75 | 45 | 3,375 |
TOTAL | 225 | P 9,475 |
The Company sold 200 chairs in March, 2020.
Required: Compute ending inventory and cost of goods sold under each of
the following methods.
a. FIFO c. Moving average cost
b. LIFO d. Weighted average cost
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