Required:15. If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost?16. If the average cost flow method is used, the sale return shall be costed back into inventory at what unit cost? PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions forAugust of the current year were as follows:NumberUnitCostDate8/1Transactionof UnitsBeginning balance20,000P 4.008/78/108/128/16Purchase10,00020,0004.20Purchase4.30Sale15,00020,000Purchase4.608/208/28Sale40,0003,000Sale returnThe sale return on August 28 relates to the sale made on August 20.15. If the FIFO cost flow method is used, the sale return shall be costed back into inventory atwhat unit cost?16. If the average cost flow method is used, the sale return shall be costed back intoinventory at what unit cost?

Name: Required:15. If the FIFO cost flow method is used, the sale return sha
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Description: Required:15. If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost?16. If the average cost flow method is used, the sale return shall be costed back into inventory at what unit cost? PROBLEM 12: D

15) Explanation - Sales return are shown as negative figure because they lead to a decrease in…

Business

Accounting

PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were as follows: Number of Units 20,000 Unit Date Transaction Cost P 4.00 8/1 8/7 8/10 8/12 8/16 8/20 8/28 Beginning balance Purchase 10,000 20,000 4.20 Purchase 4.30 15,000 20,000 Sale Purchase 4.60 Sale 40,000 3,000 Sale return The sale return on August 28 relates to the sale made on August 20. 15. If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale return shall be costed back into inventory at what unit cost?

PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were as follows: Number of Units 20,000 Unit Date Transaction Cost P 4.00 8/1 8/7 8/10 8/12 8/16 8/20 8/28 Beginning balance Purchase 10,000 20,000 4.20 Purchase 4.30 15,000 20,000 Sale Purchase 4.60 Sale 40,000 3,000 Sale return The sale return on August 28 relates to the sale made on August 20. 15. If the FIFO cost flow method is used, the sale return shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale return shall be costed back into inventory at what unit cost?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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