Question: 1. . 2. . 3. Constructor Inc. sells sacks of cement. The inventory records show the following: Date Transaction Number Unit Cost Total Cost of

1.

1. . 2. . 3. Constructor Inc. sells sacks of cement. The

. 2.

inventory records show the following: Date Transaction Number Unit Cost Total Cost

. 3.

of Sacks May 1 Beginning Balance 600 P200 P120,000 5 Purchase 900

Constructor Inc. sells sacks of cement. The inventory records show the following: Date Transaction Number Unit Cost Total Cost of Sacks May 1 Beginning Balance 600 P200 P120,000 5 Purchase 900 210 189,000 7 Sales 1,300 14 Purchase 1,400 190 266,000 15 Sales 1,200 24 Purchase 1,000 200 200,000 28 Sales 1,200 If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold? Harry Company's records indicate the following information: Merchandise inventory, January 1, 20X7 P 550,000 Purchases, January 1 through December 31, 20X7 2,250,000 Sales, January 1 through December 31, 20X7 3,000,000 On December 31, 20X7, a physical inventory determined that ending inventory of P600,000 was in the warehouse Harry's gross profit on sales has remained constant at 30%. Harry suspects some of the inventory may have been taken by some new employees. At December 31, 20X7, what is the estimated cost of missing inventory? In March of 2019, Boyet Corporation purchased nontrading equity investments which are irrevocably designated at FV-OCI. On December 31, 2019, the balance in the unrealized gain/(loss) on these securities was P200,000. During 2020, stock FF was sold for P1,100,000. Pertinent data on Dec 31, 2020 are as follows: Cost Market Value DD P2,100,000 P1,600,000 EE 1,850,000 2,000,000 FF 1,050,000 900,000 In its statement of changes in stockholder's equity for the year 2020, Boyet should report unrealized holding loss at what amount

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!