Problem 12-5 Adapted) Altis a trial at which Problem 12-5 (AICPA Adapted) included the following accounts: Sales (100,000 units at P150) Sales discount 9,400,000 400,000 Purchases Purchase discount The inventory purchases during the year were as follows: 1,200,000 1,950,000 2,800,000 3,750,000 09 65 Beginning inventory, January 1 Purchases, quarter ended March 31 30,000 Purchases, quarter ended June 30 40,000 Purchases, quarter ended Sept. 30 Purchases, quarter ended Dec. 31 70 50,000 75 10,000 06 150,000 10,600,000 The accounting policy is to report inventory at the lower of cost and net realizable value applied to total inventory. Cost is determined under the first-in, first-out method. At the beginning of current year, the entity reported an allowance for inventory writedown of P400,000. At year-end, the entity determined that the replacement cost of inventory was P70 per unit and the net realizable value was P72 per unit. The normal profit margin is P10 per unit. Required: 1. Prepare a schedule of cost of goods sold for the current year. 2. Prepare journal entries to record the ending inventory and any inventory writedown.

Problem 12-5 Adapted) Altis a trial at which Problem 12-5 (AICPA Adapted) included the following accounts: Sales (100,000 units at P150) Sales discount 9,400,000 400,000 Purchases Purchase discount The inventory purchases during the year were as follows: 1,200,000 1,950,000 2,800,000 3,750,000 09 65 Beginning inventory, January 1 Purchases, quarter ended March 31 30,000 Purchases, quarter ended June 30 40,000 Purchases, quarter ended Sept. 30 Purchases, quarter ended Dec. 31 70 50,000 75 10,000 06 150,000 10,600,000 The accounting policy is to report inventory at the lower of cost and net realizable value applied to total inventory. Cost is determined under the first-in, first-out method. At the beginning of current year, the entity reported an allowance for inventory writedown of P400,000. At year-end, the entity determined that the replacement cost of inventory was P70 per unit and the net realizable value was P72 per unit. The normal profit margin is P10 per unit. Required: 1. Prepare a schedule of cost of goods sold for the current year. 2. Prepare journal entries to record the ending inventory and any inventory writedown.

Name: Problem 12-5 Adapted)Altis a trial at whichProblem 12-5 (AICPA Adapte
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Description: Problem 12-5 Adapted)Altis a trial at whichProblem 12-5 (AICPA Adapted)included the following accounts:Sales (100,000 units at P150)Sales discount9,400,000400,000PurchasesPurchase discountThe inventory purchases during the year were as follows:1,200

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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