LG Electronics' cost of sales for 2019 amounted to P350,000. The beginning inventory is P50,000 higher...

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LG Electronics' cost of sales for 2019 amounted to P350,000. The beginning inventory is P50,000 higher than the ending inventory, the latter being equivalent to 20% of the purchases during the year. How much was the inventory account at the beginning of the year? PROBLEM 6 (Cost Formulas /Cost Flow Assumptions, FIFO work-back, Comprehensive ) The following information was provided by Kutay Inc. a. Sales for the month of June totalled 286,000 units b. The following purchases were made in June : Date 4 8 11 24 Quantity 50,000 62,500 75,000 70,000 No. of units purchased No. of units sold Unit cost c. There were 108,500 units on hand on June 1 with a total cost of P1,450,000 Unit Cost Kutay uses a periodic FIFO costing system. The company's gross profit for June was P2,058,750 1. How many units were on hand on June 30? 2. How much is the cost of the company's inventory on June 30? 3. How much is the total cost of sales in June ? 4. Determine the average selling price of each unit sold in June. P13.00 12.50 12.00 12.40 PROBLEM 7 (Cost Formulas /Cost Flow Assumptions, FIFO, Comprehensive) Whirlpool Corporation started operations on 2017. The following data are abstracted from the purchases and sales records 2017 160,000 100,000 P40 2018 155,000 145,000 P50 2019 135,000 140,000 P60 If the entity used the FIFO method, how much should be reported as cost of sales for 2019? LG Electronics' cost of sales for 2019 amounted to P350,000. The beginning inventory is P50,000 higher than the ending inventory, the latter being equivalent to 20% of the purchases during the year. How much was the inventory account at the beginning of the year? PROBLEM 6 (Cost Formulas /Cost Flow Assumptions, FIFO work-back, Comprehensive ) The following information was provided by Kutay Inc. a. Sales for the month of June totalled 286,000 units b. The following purchases were made in June : Date 4 8 11 24 Quantity 50,000 62,500 75,000 70,000 No. of units purchased No. of units sold Unit cost c. There were 108,500 units on hand on June 1 with a total cost of P1,450,000 Unit Cost Kutay uses a periodic FIFO costing system. The company's gross profit for June was P2,058,750 1. How many units were on hand on June 30? 2. How much is the cost of the company's inventory on June 30? 3. How much is the total cost of sales in June ? 4. Determine the average selling price of each unit sold in June. P13.00 12.50 12.00 12.40 PROBLEM 7 (Cost Formulas /Cost Flow Assumptions, FIFO, Comprehensive) Whirlpool Corporation started operations on 2017. The following data are abstracted from the purchases and sales records 2017 160,000 100,000 P40 2018 155,000 145,000 P50 2019 135,000 140,000 P60 If the entity used the FIFO method, how much should be reported as cost of sales for 2019?

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