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Accounting Problem4

This document contains 3 problems related to inventory costing methods. Problem 1 provides beginning inventory, purchase, and total inventory information and asks to compute ending inventory and cost of goods sold under FIFO. Problem 3 provides inventory information for multiple dates and asks to calculate cost of sales and ending inventory under FIFO perpetual and moving average. Problem 6 similarly provides inventory information over time and asks to calculate cost of sales and ending inventory under FIFO periodic and perpetual, weighted average, and moving average methods.

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Jelwin Enchong Bautista
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104 views

Accounting Problem4

This document contains 3 problems related to inventory costing methods. Problem 1 provides beginning inventory, purchase, and total inventory information and asks to compute ending inventory and cost of goods sold under FIFO. Problem 3 provides inventory information for multiple dates and asks to calculate cost of sales and ending inventory under FIFO perpetual and moving average. Problem 6 similarly provides inventory information over time and asks to calculate cost of sales and ending inventory under FIFO periodic and perpetual, weighted average, and moving average methods.

Uploaded by

Jelwin Enchong Bautista
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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PROBLEM 1.

FIFO Method
Records of WAG KANG PAPIGIL Co. shows the following information:

Units Unit Cost Total Cost


Beginning _ Aug. 1 800 P 1.00 P 800
Purchases – Aug. 14 1,000 2.00 2 000
Purchases – Aug. 21 1,200 2.50 3 000
Total 3,000 P 5 800

Additional Information:
500 units are on hand as of August 31

Required:
1. Compute for the Ending Inventory and Cost of Goods sold under FIFO

PROBLEM 3. Cost Formulas


WAG KANG MAGDUDA Company sells blankets for P30 each. The following data were taken from the
inventory records during the company.

Date Product B Units Cost


August 1 Beginning 600 P 20
4 Purchase 400 24
12 Sale 200
15 Purchase 1100 25
17 Purchase return 100 25
22 Sale 600
23 Sale 400
25 Sales Return 100
31 Purchase 1000 30

Required: Determine the Cost of Sales and Cost of Ending Inventory under each of the following
assumption:
1. FIFO Perpetual
2. Moving Average Method

PROBLEM 6. Cost Formulas

Stark Industries sells low-cost Iron Man suits for P30.00 each. The following was taken from the inventory
records during July:

Date Product Units Cost


July 3 Purchase 500 P 15.00
July 10 Sale 300
July 17 Purchase 1 000 P 17.00
July 20 Sale 600
July 23 Sale 300
July 30 Purchase 1 000 P 20.00

Required: Determine the Cost of Sales and Cost of Ending Inventory under each of the following independent
assumptions:
1. First-In-First-Out Method (Periodic)
2. First-In-First-Out Method (Perpetual)
3. Weighted Average Method
4. Moving Average Method

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