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Compute for the cost of goods sold, ending inventories and the gross profit using: (a) Moving average method, (b) simple average method, and (c) FIFO
Compute for the cost of goods sold, ending inventories and the gross profit using:
(a) Moving average method,
(b) simple average method, and
(c) FIFO method.
The inventory stock card of XYZ Corporation on January 2021 is as follows: Purchase Price Purchase Units Sold Units Jan 01 P100 10,000 Jan 15 5,000 Jan 18 105 15,000 Jan 20 110 500 Jan 30 15,500 Balance 10,000 5,000 20,000 20,500 5,000 Each unit is sold at P150. Required: Compute for the cost of goods sold, ending inventories and the gross profit using (a) Moving average method, (b) simple average method, and (C) FIFO methodStep by Step Solution
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