PROBLEM 1 At the beginning of the current year. AAA Company has 1,500 inventories costing P10 per unit. The following chronological transactions transpired during the year: 1. Purchased on account 1,000 units of Inventory at P10 per unit and paid freight of P1500 2 Returned 10 units to the supplier due to damages 3. Sold on account 1,750 units of inventory for P30 per unit 4. Purchased on account 2,000 units of Inventory at P10 per unit 5. Sold on account 2,300 units of inventory for P30 per unit 6. At the end of the year. physical count revealed that 300 units were on hand Required: 1. Prepare the necessary journal entries under the following systems: a. Periodic inventory system b. Perpetual inventory system 2. Determine the amount of inventory and cost of sales under: a. Periodic inventory system b. Perpetual inventory system PROBLEM 2 AAA Company sells blankets for P30 each. The following was taken from the inventory records during July. Date Product Unit Cost T S July 3 Purchase 500 P15 July 10 Sale 300 July 17 Purchase 1,000 P17 July 20 Sale 600 July 23 Sale 300 July 30 Purchase 1,000 P20 Determine the cost of sales and Cost of ending inventory under each assumption listed: a. First-In-First-Out Method (periodic) c. Weighted-Average Method b. First-In-First-Out Method (perpetual) d. Moving Average Method