Reference no: EM133002070

Jug Company maintains a perpetual inventory system and sells all its inventories at a price of P12 per unit. Jug has the following information pertaining to its inventory for the month of October:

                                                  Units                               Unit cost                           Total cost
Balance on 10/1                    15,000                          P6                              P90,000
Purchased on 10/5                 20,000                          P9                              P180,000
Sold on 10/20                           18,000
Purchased on 10/25                  12,000                           P7                               P84,000

Based on the above, answer the following (Round unit cost to two decimal places):

Problem 1. What amount should Jug report as inventory on October 31 using the moving average method? ________________

Problem 2. What amount should Jug report as cost of goods sold for October using the weighted average method? ________________

Problem 3. Under the FIFO method, what amount should Jug report as gross profit for October?