An entity is a wholesaler of officesupplies. The activity for Model IIcalculators during August is shownbelow. If the entity uses FIFOperiodic inventory system, theending inventory of Model IIIcalculators at August 31 is reportedas *DateBalance/TransactionsUnitsCostAug 17.Inventory2,000P36.00Purchases3,00037.2012Sales3,60021Purchases4,80038.0022Sale3,80029Purchases1,60038.60 It is the date when an entity'smanagement authorizes the financialstatements for issue, regardless ofwhether such authorization is for finalissuance or for further approval byother parties. *Date of authorization of financialstatements for issueO Financial reporting dateO Balance sheet dateO Valentine's date

Solution 1: Under FIFO method of inventory, inventory purchased first is considered to be sold…

An entity is a wholesaler of office supplies. The activity for Model II calculators during August is shown below. If the entity uses FIFO periodic inventory system, the ending inventory of Model II calculators at August 31 is reported as * Date Balance/Transactions Units Cost Aug 1 7. 2,000 3,000 Inventory P36.0 Purchases 37. 12 Sales 3,600 21 Rurcharer A 800

An entity is a wholesaler of office supplies. The activity for Model II calculators during August is shown below. If the entity uses FIFO periodic inventory system, the ending inventory of Model II calculators at August 31 is reported as * Date Balance/Transactions Units Cost Aug 1 7. 2,000 3,000 Inventory P36.0 Purchases 37. 12 Sales 3,600 21 Rurcharer A 800

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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