Problem 1. Easy Pees Company is a retailer of computer hardware which just started its operations and had the following transactions;

1. Purchased 100 units of Keyboard, 2,000 units of mouse, 1,500 units of UPS and 5,000 units of hard drive costing to P1,200, P250, P2,000 and P3,000 on account

2. As per sales invoice,

Particular

Units

Price

Total

Keyboard

10

Mouse

1500

UPS

500

Hard Drive

1000

Total Price

Gross profit rate base on sales is 40%. Sales is on Account.

3. Purchase 50 units of Keyboard, 1,000 units of mouse, 100 units of UPS and 500 units of hard drive costing to P1,400, P200, P1,800 and P3,200 on account.

4. As per sales invoice,

Particular

Units

Price

Total

Keyboard

120

Mouse

2,500

UPS

500

Hard Drive

1,000

Total Price

Gross profit rate base on sales is 40%. Sales is on Account.

5. The company estimates that 5% of the Accounts Receivable is doubtful.

Requirements:

1. Fill Out the sales invoice to determine the amount of sales.

2. Record the transactions using FIFO Costing Method.

3. Record the transactions using Weighted Average Periodic Method

4. Prepare Stock Cards for each item using FIFO and Weighted Average Periodic Method.