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Final Test Acc 11

This document contains an accounting exam problem about calculating gross profit under FIFO and average costing methods using perpetual and periodic inventory systems. It provides inventory purchase and sales data for Pop Company throughout December, including beginning inventory, purchases, sales and unit costs/prices. Students are asked to calculate gross profit for each inventory valuation method and inventory system.

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Nicolas Ernesto
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64 views1 page

Final Test Acc 11

This document contains an accounting exam problem about calculating gross profit under FIFO and average costing methods using perpetual and periodic inventory systems. It provides inventory purchase and sales data for Pop Company throughout December, including beginning inventory, purchases, sales and unit costs/prices. Students are asked to calculate gross profit for each inventory valuation method and inventory system.

Uploaded by

Nicolas Ernesto
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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UNIVERSITAS ADVENT INDONESIA Nama: _________________________

N Final Exam: Principle Accounting 1


Monday, 14 Des. 2020

Problem
Pop Company has following inventory purchase and sales data the month of December :
Dec 1 Inventory,beginning 500 units @ $10 = $5,000
Dec 4 Sale 100 units @ $20 = 2,000
Dec 6 Purchase 200 units @ $11 = 2,200
Dec 9 Sale 200 units @ $22 = 4,400
Dec 15 Sale 150 units @ $23 = 3,450
Dec 17 Purchase 300 units @ $9 = 2,700
Dec 20 Sale 400 units @ $21 = 8400

Required:
1. Calculate Gross Profit under FIFO and Average Cost (Assume Company use Perpetual Inventory System)
2. Calculate Gross Profit under FIFO and Average Cost (Assume Company use Periodic Inventory System)

Solution

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