please see the attached photos.

Part 1

MM Medical Supplies is a retail store of medical supplies owned by Maricar Monel. For month of

December 2018, her beginning inventory of alcohol is 100 pcs., cost P20 each and selling price at P35

per piece. During the period, she purchased additional 500 pieces of alcohol from her new supplier

Marco O Manufacturing at P15 each, which she intends to sell at P35/piece.

Using the information above, answer the independent questions below.

1. If she sold 50 pcs of alcohol during the period using FIFO method. How much is the Cost of

goods sold?

2. If she sold 50 pcs of alcohol during the period using LIFO method. How much is the Cost of

goods sold?

3. If she sold 50 pcs of alcohol during the period using AVERAGE COST method. How much is the

Cost of goods sold?

4. If her Ending Inventory is 25 pieces; how much is the COGS if she used FIFO method?

5. If her Ending Inventory is 25 pieces; how much is the COGS if she used LIFO method?

Part 2

Part 2

Make a statement of Cost of goods sold and Gross Profit for MM Medical Supplies

MM Medical Supplies is a retail store of medical supplies owned by Maricar Monel. For month of

December 2018, her beginning inventory of alcohol is 100 pcs., cost P20 each and selling price at P35

per piece. During the period, she purchased additional 500 pieces of alcohol from her new supplier,

Marco O Manufacturing at P15 each, which she intends to sell at P35/piece.

Below are the details of her transactions for the month:

1. She used FIFO method

2. Sold 125 pieces of alcohol for the month of December 2018.