The following data were taken from the inventory records of ABC Partners for January 2022:
01/01 - Beginning inventory - 1,000 at P20
01/10 - Sale via Ex-works, released 01/13 - 1,500 at P50
01/12 - Purchase - 5,000 at P35
01/23 - Sale via FOB Destination, released same day - 2,500 at P50
01/27 - Purchase - 2,000 at P28
01/30 - Sale via FOB Seller, release same day - 3,000 at 150% of the cost
01/23 sale is received on February 1, 2022, while 01/30 sale is received on February 9 and returned by the customer on February 10.

1. How much is the FIFO COGS as of January 31, 2022?

2. How much is the FIFO Gross Profit as of January 31, 2022?

3. How much is the Average Method COGS assuming a periodic inventory system as of January 31, 2022?

4. How much is the Average Method Gross Profit assuming a perpetual inventory system as of January 31, 2022?

5. How much is the Ending Inventory as of January 31, 2022 if specific identification method is used?

Answer rating: 100% (QA)

Answer Explanation 1 FIFO COGS as of January 31 2022 Transaction Closing balance Date Particulars Units Per unit value Value Units Per unit value Valu... View the full answer