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825.000 1.050 000 1.400 000

825.000 1.050 000 1.400 000

FINANCIAL ACCOUNTING
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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What amount should be presented as a deduction from cost of goods sold? IJUN Company sells five kinds of products and reports its inventory at Lower of Cost and Net Realizable Value. On December 31, 2021, IJUN reported an ihentory of P5,500,000 and an allowance for inventory write-down before any adjustment of P300,000. The following information is made available Product A P1,800,000 P1,650 000 P1,700,000 P1,500.000 P1.600,000 950,000 780.000 1,200,000 1275.000 1,500,000 1,350 000 1.175.000 1400 000 Product B Product C Product D Product E Sales Price Cost of Goods Sold Historical Cost 825.000 650.000 1.050 000 1.400.000 1.000 000 925.000 1 200,000 1325 000 700,000 1.050,000 1.200,000 900 000 Replacement Cost Net Realizable Value Your answer
Transcribed Image Text:What amount should be presented as a deduction from cost of goods sold? IJUN Company sells five kinds of products and reports its inventory at Lower of Cost and Net Realizable Value. On December 31, 2021, IJUN reported an ihentory of P5,500,000 and an allowance for inventory write-down before any adjustment of P300,000. The following information is made available Product A P1,800,000 P1,650 000 P1,700,000 P1,500.000 P1.600,000 950,000 780.000 1,200,000 1275.000 1,500,000 1,350 000 1.175.000 1400 000 Product B Product C Product D Product E Sales Price Cost of Goods Sold Historical Cost 825.000 650.000 1.050 000 1.400.000 1.000 000 925.000 1 200,000 1325 000 700,000 1.050,000 1.200,000 900 000 Replacement Cost Net Realizable Value Your answer
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