Question: Can you answer exercise 14 and 15? Exercise 14 (Inventory Costing) The following data pertains to the production and sale of a commodity that were

Can you answer exercise 14 and 15?

Exercise 14 (Inventory Costing) The following data pertains to the production and sale of a commodity that were taken from the company's stock card: May 1 Balance 25 units at P40 6 Sale 20 units 8 Production 20 units at P41 16 Sale 10 units 20 Production 20 units at P42 23 Sale 25 units 30 Production 15 units at P43 REQUIRED: Determine the cost of the inventory balance at May 31, using (a) first-in, first-out method and (b) weighted average costing. Identify the quantity, unit price, and total cost of each lot in the inventory. Exercise 15 (inventory Costing) The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at P50 Feb. 4 Production 10 units at P52 July 7 Production 30 units at P55 Oct. 15 Production 15 units at P60 There are 30 units of the item in the physical inventory at December 31. The periodic inventory system is used. REQUIRED: Determine the inventory cost using First-In, First-Out (FIFO) costing method

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