An entity provided the following records connected to its inventory transactions: Date and transaction Units Unit cost January 1 balance 40,000 P 20 February 10 sale 30,000 April 12 purchase 60,000 P 25 September 20 sale 59,000 November 28 purchase 40,000 P 30 The entity used the moving average method. At December 31, the entity determined that the NRV per unit is P 23 (Round to two decimal places) 30. What is the cost of the inventory at December 31? a. 1,173,000 b. 1,275,000 c. 1,475,000 d. 1,466,890
An entity provided the following records connected to its inventory transactions: Date and transaction Units Unit cost January 1 balance 40,000 P 20 February 10 sale 30,000 April 12 purchase 60,000 P 25 September 20 sale 59,000 November 28 purchase 40,000 P 30 The entity used the moving average method. At December 31, the entity determined that the NRV per unit is P 23 (Round to two decimal places) 30. What is the cost of the inventory at December 31? a. 1,173,000 b. 1,275,000 c. 1,475,000 d. 1,466,890
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 4BE: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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![An entity provided the following records connected to its inventory transactions:
Date and transaction
Units
Unit cost
January 1 balance
40,000
P 20
February 10 sale
30,000
April 12 purchase
60,000
P 25
September 20 sale
59,000
November 28 purchase
40,000
P 30
The entity used the moving average method. At December 31, the entity determined that the NRV
per unit is P 23 (Round to two decimal places)
30. What is the cost of the inventory at December 31?
a. 1,173,000
b. 1,275,000
c. 1,475,000
d. 1,466,890
31. What amount of cost of goods sold should be reported at December 31?
a. 2,225,000
b. 2,327,000
c. 2,033,110
d. 2,025,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F68a0adf8-308f-4e79-b80f-aef152e0887e%2F7ec65500-c0d1-471c-a6e2-65b5d8899499%2Fgucfkj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An entity provided the following records connected to its inventory transactions:
Date and transaction
Units
Unit cost
January 1 balance
40,000
P 20
February 10 sale
30,000
April 12 purchase
60,000
P 25
September 20 sale
59,000
November 28 purchase
40,000
P 30
The entity used the moving average method. At December 31, the entity determined that the NRV
per unit is P 23 (Round to two decimal places)
30. What is the cost of the inventory at December 31?
a. 1,173,000
b. 1,275,000
c. 1,475,000
d. 1,466,890
31. What amount of cost of goods sold should be reported at December 31?
a. 2,225,000
b. 2,327,000
c. 2,033,110
d. 2,025,000
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