Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?

Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?

FINANCIAL ACCOUNTING

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Question

Georgio Corporation has the following data as of December 31, 2021.
Product C
Product D
Units Produced
10,000
15,000
Beg. Inventory
Units Sold
3,000
4,000
11,000
2,000,000
300,000
P60 per unit
P275 per unit
15,000
3,000,000
800,000
Total Manufacturing Cost
General and Administration Cost
Estimated Selling Cost
Selling Price
P80 per unit
P275 per unit
At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been
incurred. Beginning inventory has the following cost:
Product C- P800,000
Product D- P600,000
Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be
presented at the Balance Sheet date using the LCNRV Individual approach?

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