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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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