The following data relate to the company's inventory of pool liners for May.

Beginning Inventory, May 01 1,000 liners at P100each

4-May Purchased 1,500 at P90 each

10-May Issued 1,200 liners

16-May Issued 800 liners

20-May Purchased 2,000 liners at P75 each

25-May Issued 1,000 liners

28-May Issued 900 liners

30-May Purchased 1,000 liners at P110 each

Compute for:

1) Cost of ending inventory using FIFO method

2) Cost of direct materials used using FIFO method.

3) Cost of ending inventory using moving average method

4) Give the entry to record the transaction on May 20 (under the periodic system).

Answer rating: 100% (QA)

To compute the requested values we will follow the FIFO FirstIn FirstOut method and the moving average method Lets calculate each value step by step 1 ... View the full answer