Problem 2

Uki Company had the following transactions for inventory during 2020:

UnitsUnit CostUnit Selling PriceInventory, January 1250P10.50Purchase, March 20200 11.00Purchase, July 5275 11.75Sale, May 11120P14.00Sale, June 1555 15.00Sale, October 14250 16.00Inventory, December 31?

Requirements:

Determine the cost of ending inventory, cost of goods sold, and gross profit under FIFO method.

Determine the cost of ending inventory, cost of goods sold, and gross profit under Weighted average method.

Determine the cost of ending inventory, cost of goods sold, and gross profit under Moving average method.