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Uki Company had the following transactions for inventory during 2020: Units Unit Cost Unit Selling Price Inventory, January 1 250 P10.50 Purchase, March 20 200

Uki Company had the following transactions for inventory during 2020:

Units Unit Cost Unit Selling Price
Inventory, January 1 250 P10.50
Purchase, March 20 200 11.00
Purchase, July 50 275 11.75
Sale, May 11 120 P14.00
Sale, June 15 55 15.00
Sale, October 14 250 16.00
Inventory, 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.

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