Question
The following data relate to the company's inventory of pool liners for May. Beginning Inventory, May 01 1,000 liners at P100each 4-May Purchased 1,500 at
The following data relate to the company's inventory of pool liners for May.
Beginning Inventory, May 01 1,000 liners at P100each
4-May Purchased 1,500 at P90 each
10-May Issued 1,200 liners
16-May Issued 800 liners
20-May Purchased 2,000 liners at P75 each
25-May Issued 1,000 liners
28-May Issued 900 liners
30-May Purchased 1,000 liners at P110 each
Compute for:
1) Cost of ending inventory using FIFO method
2) Cost of direct materials used using FIFO method.
3) Cost of ending inventory using moving average method
4) Give the entry to record the transaction on May 20 (under the periodic system).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To compute the requested values we will follow the FIFO FirstIn FirstOut method and the moving average method Lets calculate each value step by step 1 ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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