A company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52 and 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO?

A company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52 and 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO?

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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