Question: [50] If the entity used the FIFO method, how much should be reported as cost * of sales for 2021? Menchie Corporation started operations on

[50] If the entity used the FIFO method, how much should be reported as cost * of sales for 2021? Menchie Corporation started operations on 2019. The [allowing data are abstracted from the [turd-bases and sales records: 2019 No. of units produced 155,000.00 135,000.00 N0. of units sold 145,000.00 140,000.00 Unit cost . 50.00 60.00 C) 7,700,000.00 O 7,400,000.00 O 7,550,000.00 O 7,900,000.00 [55] On December 31, 2022, what amount should be reported as patent, net of * accumulated amortization? INTANGIBLE PROBLEM '7 During 2022, Bowman (:0. incurred research and development cost of P272900 relating to a patent that was granted on July 1, 2022. Cost of registering the patent is P68,000. The patent legal life is 20 years. Howevet, the management expected that the potent will be useful for 10 years only 0 323.000 0 331,500

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