On July 1, Tomi Company had 3,600 units of merchandise on hand that cost P120 per unit.
Fantastic news! We've Found the answer you've been seeking!
Question:
transactions with regard to the merchandise:
July 5 - Purchased on account 9,000 units at P140 per unit
11 - Returned 600 units from the July 5 purchase
29 - Sold on account 9,600 units at P200 per unit
Mare uses a perpetual inventory system and a FIFO cost flow.
1. What is the cost of goods sold for July?
2. What is the amount of ending inventory for July?
3. What is the cost of goods sold using the LIFO method?
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date: