The following data were taken from the inventory records of Landmark Enterprises for January 2024: Balance...

 

Transcribed Image Text:

The following data were taken from the inventory records of Landmark Enterprises for January 2024: Balance at January 1 Purchases: January 5 24 Sales: January 8 30 Balance at January 31 (b) Units 2,400 1,900 3,800 2,200 3,600 2,300 (c) Unit cost P10.75 11.35 11.80 REQUIRED: Determine the inventory value at January 31 assuming that - (Round off the unit cost to the nearest centavo and total cost to the nearest peso.) (a) Total cost P25,800 21,565 44,840 Landmark Enterprises maintains perpetual inventory records and uses the average costing method. Landmark Enterprises does not maintain perpetual inventory records and uses the average costing method. Landmark's goods are specifically identifiable and the 2,300 unsold goods on January 31 consist of 1,500 units from the January 5 purchases and the remainder from the January 24 purchases. The following data were taken from the inventory records of Landmark Enterprises for January 2024: Balance at January 1 Purchases: January 5 24 Sales: January 8 30 Balance at January 31 (b) Units 2,400 1,900 3,800 2,200 3,600 2,300 (c) Unit cost P10.75 11.35 11.80 REQUIRED: Determine the inventory value at January 31 assuming that - (Round off the unit cost to the nearest centavo and total cost to the nearest peso.) (a) Total cost P25,800 21,565 44,840 Landmark Enterprises maintains perpetual inventory records and uses the average costing method. Landmark Enterprises does not maintain perpetual inventory records and uses the average costing method. Landmark's goods are specifically identifiable and the 2,300 unsold goods on January 31 consist of 1,500 units from the January 5 purchases and the remainder from the January 24 purchases.

Answer rating: 100% (QA)

The question youve presented involves determining the inventory value at January 31 by considering three different inventory costing methods perpetual average costing periodic average costing and spec... View the full answer