Show solutions in good accounting form. Problem 11-10 (IAA) in...

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Problem 11-10 (IAA) in Apitong Company made two different schedules of gross income for the quarter ended September 30: al Schedule 1 Schedule 2 Sales (P100 per unit) 2,800,000 2,800,000 Cost of goods sold 1,169,000 1, 157,500 Gross income 1,631,000 1,642,500 The computation of cost of goods sold in each schedule is based on the following data: Units Unit cost Total cost Beginning inventory - July 1 10,000 40.00 400,000 Purchase - July 25 8,000 42.00 336,000 Purchase - August 25 5,000 41.30 206,500 Purchase - September 5 7,000 43.00 301,000 Purchase - September 25 12,000 42.50 510,000 Available for sale 42,000 1,753,500 Required: Identify the inventory cost method used in preparing the two schedules of gross income.

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