An entity is a wholesaler of office supplies. The activity for Model III calculators during August is shown below. If the entity uses FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as Date Balance/Transactions Units Cost Aug 1 Inventory 2,000 P36.00 7 Purchases 3,000 37.20 12 Sales 3,600 21 Purchases 4,800 38.00 Cele 2.800

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6RE: Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal...
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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 III
calculators at August 31 is reported
as *
Date
Balance/Transactions
Units
Cost
Aug 1
Inventory
P36.00
2,000
3,000
7
Purchases
37.20
12
Sales
3,600
21
Purchases
4,800
38.00
22
Sale
3,800
29
Purchases
1,600
38.60
Your answer
Transcribed Image Text: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 III calculators at August 31 is reported as * Date Balance/Transactions Units Cost Aug 1 Inventory P36.00 2,000 3,000 7 Purchases 37.20 12 Sales 3,600 21 Purchases 4,800 38.00 22 Sale 3,800 29 Purchases 1,600 38.60 Your answer
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