Inventory Costing Methods(ADOPTED) During the last quarter of the year, Ace Trading Company included ProductX among the product lines it carries and sells. During the period, the following transactionsrelated to Product X were made:PurchaseSalePurchase100 units @ Php 10090 units @ Php 150150 units @ Php 120120 units @ Php 18060 units @ Php 150SalePurchaseREQUIRED:A. Assuming Ace Trading Company uses perpetual inventory system, determine theending inventory and cost of goods sold under each of the following costingmethods:1. FIFO2. LIFO3. AverageB. Assuming Ace Trading Company uses periodic inventory system, determine theending inventory and cost of goods sold under each of the following costingmethods:4. FIFO5. LIFO6. Average

X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase Saie Purchase Sale Purchase 100 units @ Php 100 90 units @ Php 150 150 units @ Php 120 120 units @ Php 180 60 units @ Php 150 REQUIRED: A. Assuming Ace Trading Company uses perpetual inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average B. Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 4. FIFO 5. LIFO 6. Average

X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase Saie Purchase Sale Purchase 100 units @ Php 100 90 units @ Php 150 150 units @ Php 120 120 units @ Php 180 60 units @ Php 150 REQUIRED: A. Assuming Ace Trading Company uses perpetual inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average B. Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 4. FIFO 5. LIFO 6. Average

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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