Question
ENYPHEN CORP. had 1,000 units of Product E on hand at August 1, costing P25 each. Sales and purchases of Product E during the month
ENYPHEN CORP. had 1,000 units of Product E on hand at August 1, costing P25 each. Sales and purchases of Product E during the month of August were as follows:
1. The cost of goods sold and the ending inventory balance using FIFO method shall be _________
A. 16,000 and 66,112
B. 16,000 and 50,112
C. 19,042 and 47,070
D. 19,042 and 47,718
2. The cost of goods sold and the ending inventory balance using AVERAGE-PERIODIC method shall be _________
A. 19,042 and 44,245
B. 19,042 and 47,070
C. 21,867 and 44,245
D. 21,867 and 46,422
3. The cost of goods sold and the ending inventory balance using AVERAGE-PERPETUAL method shall be _________
A. 21,867 and 44,245
B. 21,867 and 46,422
C. 19,042 and 47,070
D. 19,042 and 47,718
\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ SALES } & \multicolumn{3}{c|}{ PURCHASES } \\ \hline DATE & UNITS & UNIT COST & DATE & UNITS & UNIT COST \\ \hline 8/5 & 450 & 57 & 8/2 & 300 & 45.60 \\ \hline 8/9 & 210 & 54 & 8/25 & 650 & 43.20 \\ \hline 8/15 & (20) & 57 & 8/26 & (15) & 43.20 \\ \hline \end{tabular}Step by Step Solution
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