FORGER Company sells electric stoves. The company's reporting date is December 31. At December 1, 2021,...

Transcribed Image Text:

FORGER Company sells electric stoves. The company's reporting date is December 31. At December 1, 2021, inventory on hand consisted of 350 stoves at P820 each and 43 stoves at P850 each. During the month ended December 31,2021, the following transactions occurred (all purchase and sales transactions are on credit) 2021 Dec. 1 Sold 300 stoves for P1,200 each. 35 stoves were returned by customers. They had originally cost P820 each and were sold for P1,200 each 9 Purchased 55 stoved at P910 each. 10 Purchased 76 stoves at P960 each. 15 Sold 86 stoves for P1,360 each. 17 Returned one damaged stove to the supplier. This stove had been purchased on December 9. 22 Sold 60 stoves for P1,250 each 26 Purchased 72 stoves at P980 each Required Create a schedule to determine the cost of ending inventory using the following methods FIFO PERPETUAL FIFO PERIODIC WEIGHTED AVERAGE PERIODIC WEIGHTED AVERAGE PERPETUAL LIFO PERPETUAL LIFO PERIODIC FORGER Company sells electric stoves. The company's reporting date is December 31. At December 1, 2021, inventory on hand consisted of 350 stoves at P820 each and 43 stoves at P850 each. During the month ended December 31,2021, the following transactions occurred (all purchase and sales transactions are on credit) 2021 Dec. 1 Sold 300 stoves for P1,200 each. 35 stoves were returned by customers. They had originally cost P820 each and were sold for P1,200 each 9 Purchased 55 stoved at P910 each. 10 Purchased 76 stoves at P960 each. 15 Sold 86 stoves for P1,360 each. 17 Returned one damaged stove to the supplier. This stove had been purchased on December 9. 22 Sold 60 stoves for P1,250 each 26 Purchased 72 stoves at P980 each Required Create a schedule to determine the cost of ending inventory using the following methods FIFO PERPETUAL FIFO PERIODIC WEIGHTED AVERAGE PERIODIC WEIGHTED AVERAGE PERPETUAL LIFO PERPETUAL LIFO PERIODIC

Answer rating: 100% (QA)

To determine the cost of the ending inventory using the FIFO First In First Out Weighted Average and LIFO Last In First Out methods we need to track the inventory transactions for the month Ill procee... View the full answer