Determine the correct inv

entory amount to be reported on Center Company's statement of

financial position at December 31, 2019.

VI.

Mega Company had the following inventory transactions during 2019:

Transaction Units Unit Cost Unit Selling Price

Inventory, January 1 250 P10.50

Purchase, March 7 200 11.00

Purchase, July 15 275 11.75

Sale, May 20 (120) P14.00

Sale, June 30 (55) 15.00

Sale, September 17 (250) 16.00

Inventory, December 31 300

Required:

Determine the cost of ending inventory, cost of goods sold and gross profit under each of

the following inventory cost flow methods. Complete the table given below. (Where

necessary, round off unit cost to nearest centavo and total cost to nearest peso)

Cost of Ending Inventory Cost of Goods Sold Gross Profit

FIFO

Weighted Average

Moving Average