13. A flood recently destroyed many of the financial records of Yakal Company. The entity uses anaverage cost inventory valuation system.Yakal make a physical count at the end of each month in order to determine monthly inventoryvalue.By examining various documents, the following data are gathered:Ending inventory at July 31Total cost of units available for sale in JulyCost of goods sold during JulyCost of beginning inventory, July 1Gross profit on sales for July60,000 units1,452,1001,164,1004,00 per unit935,900July purchases:UnitsUnit costTotal costJuly 555,00053,00045,0005.10280,500115,00265,000155,50247,0001647,0005,30249,000200,0001,042,100Under perpetual system, using the average cost formula, how much is the average unit cost ofinventory? A 14. Assume the following information regarding a note received by HEERHUM YU Company:P1,500,000October 1, 2020120 daysDecember 1, 2020Principal amount of note receivableDate of noteTerm of noteDate of discountingDiscount rate12%Interest income for 120 daysP50,000Compute the interest rate charged to customer.How much is the principal amount of the note receivable?

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13. A flood recently destroyed many of the financial records of Yakal Company. The entity uses an average cost inventory valuation system. Yakal make a physical count at the end of each month in order to determine monthly inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4,00 per unit 935,900 July purchases: Units Unit cost Total cost July 5 55,000 5.10 280,500 53,000 5,00 5,50 11 265,000 247,000 249,000 15 45,000 16 47,000 5,30 200,000 1,042,100 Under perpetual system, using the average cost formula, how much is the average unit cost of inventory? m

13. A flood recently destroyed many of the financial records of Yakal Company. The entity uses an average cost inventory valuation system. Yakal make a physical count at the end of each month in order to determine monthly inventory value. By examining various documents, the following data are gathered: Ending inventory at July 31 Total cost of units available for sale in July Cost of goods sold during July Cost of beginning inventory, July 1 Gross profit on sales for July 60,000 units 1,452,100 1,164,100 4,00 per unit 935,900 July purchases: Units Unit cost Total cost July 5 55,000 5.10 280,500 53,000 5,00 5,50 11 265,000 247,000 249,000 15 45,000 16 47,000 5,30 200,000 1,042,100 Under perpetual system, using the average cost formula, how much is the average unit cost of inventory? m

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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