Inventory Costing Methods(ADOPTED) During the last quarter of the year, Ace Trading Company included ProductX among the product lines it carries and sells. During the period, the following transactionsrelated to Product X were made:PurchaseSalePurchase100 units @ Php 10090 units @ Php 150150 units @ Php 120120 units @ Php 18060 units @ Php 150SalePurchaseREQUIRED:A. Assuming Ace Trading Company uses perpetual inventory system, determine theending inventory and cost of goods sold under each of the following costingmethods:1. FIFO2. LIFO3. AverageB. Assuming Ace Trading Company uses periodic inventory system, determine theending inventory and cost of goods sold under each of the following costingmethods:4. FIFO5. LIFO6. Average

Date Purchase Cost of goods sold Balance Inventory Quantity Cost per Unit (In Php) Total Cost…

X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase Saie Purchase Sale Purchase 100 units @ Php 100 90 units @ Php 150 150 units @ Php 120 120 units @ Php 180 60 units @ Php 150 REQUIRED: A. Assuming Ace Trading Company uses perpetual inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average B. Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 4. FIFO 5. LIFO 6. Average

X among the product lines it carries and sells. During the period, the following transactions related to Product X were made: Purchase Saie Purchase Sale Purchase 100 units @ Php 100 90 units @ Php 150 150 units @ Php 120 120 units @ Php 180 60 units @ Php 150 REQUIRED: A. Assuming Ace Trading Company uses perpetual inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 1. FIFO 2. LIFO 3. Average B. Assuming Ace Trading Company uses periodic inventory system, determine the ending inventory and cost of goods sold under each of the following costing methods: 4. FIFO 5. LIFO 6. Average

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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