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4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During October 2020, its inventory records for one brand of designer jeans were as follows: Beginning inventory 100 pairs @ P120 Oct. 6 Purchase 40 pairs @ P125 Oct. 10 Sale 50 pairs Oct. 15 Purchase Oct. 20 Sale Oct. 25 Purchase 70 pairs @ P130 100 pairs 40 pairs @ P130 a. Determine the periodic FIFO cost of goods sold.

4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During October 2020, its inventory records for one brand of designer jeans were as follows: Beginning inventory 100 pairs @ P120 Oct. 6 Purchase 40 pairs @ P125 Oct. 10 Sale 50 pairs Oct. 15 Purchase Oct. 20 Sale Oct. 25 Purchase 70 pairs @ P130 100 pairs 40 pairs @ P130 a. Determine the periodic FIFO cost of goods sold.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During October 2020, its inventory records for one brand of designer jeans were as follows: Beginning inventory Oct. 6 Purchase Oct. 10 Sale Oct. 15 Purchase 100 pairs @ P120 40 pairs @ P125 50 pairs 70 pairs @ P130 100 pairs Oct. 20 Sale Oct. 25 Purchase 40 pairs @ P130 a. Determine the periodic FIFO cost of goods sold. b. Determine the ending inventory using moving average method (carry calculations to 4 decimal places and round off to 3).
Transcribed Image Text:4. Cost Flow (FIFO and Moving Average). KDS Clothing sells jeans. During October 2020, its inventory records for one brand of designer jeans were as follows: Beginning inventory Oct. 6 Purchase Oct. 10 Sale Oct. 15 Purchase 100 pairs @ P120 40 pairs @ P125 50 pairs 70 pairs @ P130 100 pairs Oct. 20 Sale Oct. 25 Purchase 40 pairs @ P130 a. Determine the periodic FIFO cost of goods sold. b. Determine the ending inventory using moving average method (carry calculations to 4 decimal places and round off to 3).
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