The inventory records of ABC Co. show the following purchases: Units Cost Month January February 15,000...
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The inventory records of ABC Co. show the following purchases: Units Cost Month January February 15,000 190,500 20,000 240,000 March 12,500 165,00 A physical count on March 31 shows 22,500 units on hand. 16) What amount of inventory should be reported as of March 31, using FIFO method of costing? 22,500. The following are the selected balances in the ledger of the Rox Trading: Purchases (merchandise for resale) P2,500,000 Freight in......... Freight out ... Purchase return ..150,000 50,000 .25,000 Sales discount..... ..... 10,000 The purchases reported is net of P500,000 trade discount. 17) If the beginning inventory is P300, 000, and the ending inventory is P50,000, the goods available for sale would be The following are reported for the year ended December 31, 2019: January 1 Inventory 180,000 680,000 Purchases Freight in Sales 40,000 960,000 The gross margin recorded was 14 of sales 18) What should be the inventory at December 31, 2019? The inventory records of ABC Co. show the following purchases: Units Cost Month January February 15,000 190,500 20,000 240,000 March 12,500 165,00 A physical count on March 31 shows 22,500 units on hand. 16) What amount of inventory should be reported as of March 31, using FIFO method of costing? 22,500. The following are the selected balances in the ledger of the Rox Trading: Purchases (merchandise for resale) P2,500,000 Freight in......... Freight out ... Purchase return ..150,000 50,000 .25,000 Sales discount..... ..... 10,000 The purchases reported is net of P500,000 trade discount. 17) If the beginning inventory is P300, 000, and the ending inventory is P50,000, the goods available for sale would be The following are reported for the year ended December 31, 2019: January 1 Inventory 180,000 680,000 Purchases Freight in Sales 40,000 960,000 The gross margin recorded was 14 of sales 18) What should be the inventory at December 31, 2019?
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SOLUTION 16 To calculate the amount of inventory reported as of March 31 using the FIFO method of costing we need to assume that the cost of the units ... View the full answer
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