9. 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 555,00053,00045,0005.10280,500115,00265,000155,50247,0001647,0005,30249,000200,000Under FIFO-perpetual, cost of goods sold is equal to1,042,100 3. 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 daysP50,000How much loss on discounting is to be recognized on December 1, 2020?

Name: 9. A flood recently destroyed many of the financial records of Yakal
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Description: 9. 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 va

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9. 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

9. 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

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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