Answered: ABC Inc. has the following information…

Name: 1.) ABC Inc. has the following information related to an item in its e
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Description: 1.) ABC Inc. has the following information related to an item in its ending inventory. Predator Laptop has a cost of P502, a selling price of P568, a cost to complete of P53, and a cost to sell of P38. What is the lower-of-cost-or-net realizable inve

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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1.) ABC Inc. has the following information related to an item in its ending inventory. Predator Laptop has a cost of P502, a selling price of P568, a cost to complete of P53, and a cost to sell of P38. What is the lower-of-cost-or-net realizable inventory value for Predator Laptop? A. P477 B. P515 C. P502 D. P530 2.) If the month-end bank statement shows a balance of P360,000, outstanding checks are P120,000, a deposit of P40,000 was in transit at month end, and a check for P5,000 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is A. P285,000 B. P275,000 C. P205,000 D. P435,000

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