Extracted text: ILLUSTRATION VIII (cost formulas) ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shown below Date Transaction Units Unit cost Total cost Aug 1 Inventory 7 12 P72,000 111,600 2,000 P36.00 3,000 37.20 4,200 600 4,800 38.00 3,800 1,900 38.60 300 Purchase Sales Sales return Purchase 13 21 182,400 22 Sales Purchase 73,340 (11,580) P427,760 29 30 Purchase return 38.60 Total goods available for sale Compute for the (a) ending inventory and (b) COGS under the following cost formulas 1. FIFO - periodic 2. FIFO - perpetual 3. Weighted average - periodic 4. Weighted average - perpetual
Extracted text: Illustration IV (Retail method) Presented below is information pertaining to ABC Co. Cost Retail Inventory, January 1 Purchases 8,700 14,000 55,300 80,300 Freight-in 2,000 Purchase discounts 500 Purchase returns 5,200 Departmental Transfers-In (Debit) Departmental Transfers-Out (Credit) 8,600 1,500 1,200 1,000 800 Markups Markup cancellations 6,000 2,000 Markdowns 12,000 Markdown cancellations 3,000 Abnormal spoilage (theft and casualty loss) Sales 5,000 7,000 43,800 Sales returns 2,500 Sales discounts 1,000 Employee discounts Normal spoilage (shrinkage and breakages) 500 200 Compute for the COGS and Ending Inventory using the Average Cost and FIFO Method