56. The beginning inventory was 100 units at P1,000 per unit. Purchases for the period were as follows: First batch, 900 units at PI,100 per unit Second batch, 500 units at P1,200 per unit P 99,000 600,000 Physical count at end of the period was 50 units. Under FIFO costing, the value of ending inventory would be a 60,000 b. 55,000 c. 50,000 d. 45,000

Q: advantages of financial accounting

A: Answer are as follows

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A:

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A: Golden rule for accounting says that for every debit there must be a credit entry and vice versa.…