TIMID FEARFUL Co. is a wholesaler of guitar gadgets. The activity for the product Boss Super...

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TIMID FEARFUL Co. is a wholesaler of guitar gadgets. The activity for the product "Boss Super Overdrive" during August is shown below: Date Transaction Units Unit cost Total cost 1-Aug Inventory 20 7 Purchase 30 12 ISSUED 222 P 3,600 P 72,000 3,720 111,600 42 13 Sales return 6 21 Purchase 48 3,800 182,400 22 ISSUED 38 29 Purchase 19 3,860 73,340 30 Total Purchase return 3 3,860 (11,580) P 427,760 1. Under "FIFO perpetual," how much are the ending inventory and cost of materials used? 2. Under "Weighted average - perpetual," how much are the ending inventory and cost of materials used? Problem 4: A company that uses a perpetual inventory system had the following transactions for Material 69 during July: July 1 4 6 8 14 Beginning balance: 2,800 units @ P12.00 per unit Issued 1,200 units Received 1,000 units @ P13.30 per unit Issued 1,000 units Received 400 units @ P14.00 per unit 17 Issued 800 units 20 Received 500 units @ P14.16 per unit If materials will be issued on July 20 after the receipt of 500 units, what will be the unit cost? TIMID FEARFUL Co. is a wholesaler of guitar gadgets. The activity for the product "Boss Super Overdrive" during August is shown below: Date Transaction Units Unit cost Total cost 1-Aug Inventory 20 7 Purchase 30 12 ISSUED 222 P 3,600 P 72,000 3,720 111,600 42 13 Sales return 6 21 Purchase 48 3,800 182,400 22 ISSUED 38 29 Purchase 19 3,860 73,340 30 Total Purchase return 3 3,860 (11,580) P 427,760 1. Under "FIFO perpetual," how much are the ending inventory and cost of materials used? 2. Under "Weighted average - perpetual," how much are the ending inventory and cost of materials used? Problem 4: A company that uses a perpetual inventory system had the following transactions for Material 69 during July: July 1 4 6 8 14 Beginning balance: 2,800 units @ P12.00 per unit Issued 1,200 units Received 1,000 units @ P13.30 per unit Issued 1,000 units Received 400 units @ P14.00 per unit 17 Issued 800 units 20 Received 500 units @ P14.16 per unit If materials will be issued on July 20 after the receipt of 500 units, what will be the unit cost?

Answer rating: 100% (QA)

TIMID FEARFUL Co Inventory Analysis 1 FIFO Perpetual Inventory Ending Inventory UnitsWe start with the beginning inventory 20 units Subtract units iss... View the full answer