Problem 2 The following were the information provided by UNIKELO retail: Purchases and Beginning Inventory January 1, Inventory - 250 units @ P10.50 • March 7 - Purchases - 200 units @ P11.00 July 15...

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1. Assume instead, the Company uses the FIFO method in the measurement of its inventories, how much would be its cost of goods sold for the year?

Extracted text: Problem 2 The following were the information provided by UNIKELO retail: Purchases and Beginning Inventory January 1, Inventory - 250 units @ P10.50 • March 7 - Purchases - 200 units @ P11.00 July 15 - Purchases - 275 unites @ P11.75 July 20 - Purchase returns - 50 units @ P11.00 Sales May 20 - Sales 120 units @ P14.00 Selling price per unit • June 30 - Sales - 55 units @ P15.00 Selling price per unit Sept. 17 - Sales 250 units @ P16.00 Selling price per unit The Company uses the weighted average method in themeasurement of its inventories (Periodic).