₱1.04 ₱1.94 ₱2.00 ₱2.08 Tudors Inc. purchases and resells a single item ofproduct. Inventory at the beginning of September2017 was 400 units, valued at P1.80 each unit.Further receipts and sales during the month wereas follows:Units Pesos Per UnitP2.10Sept. 8Sept. 14 Receipts 500Sept. 25Receipts600Sales1,250P4.00The company uses the FIFO. Gross margin forSeptember was P2,500. What was the cost per unitof the 500 units received on September 14?

Under FIFO method, the units purchases first are sold first.

Answered: .04 ₱1.94 ₱2.00 ₱2.08

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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