Beginning inventory, purchases, and sales data for portable MP3 players are as follows: Units Amount @ P20 @ P22 @ P30 @ P30 @ P19 @ P19 Dec. 1 Beginning inventory 5 Purchases 9 Sales P44,000 50,600 90,000 15,000 95,000 2,200 units 2,300 units 3,000 units 19 Sales return 500 units 22 Purchase 5,000 units 23 Purchase return 1,000 units 19,000 28 Sales 3,500 units @ P35 @ P35 122,500 17,500 29 Sales return 500 units
Beginning inventory, purchases, and sales data for portable MP3 players are as follows: Units Amount @ P20 @ P22 @ P30 @ P30 @ P19 @ P19 Dec. 1 Beginning inventory 5 Purchases 9 Sales P44,000 50,600 90,000 15,000 95,000 2,200 units 2,300 units 3,000 units 19 Sales return 500 units 22 Purchase 5,000 units 23 Purchase return 1,000 units 19,000 28 Sales 3,500 units @ P35 @ P35 122,500 17,500 29 Sales return 500 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much.
Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31?
a. P59,000
b. P57,000
c. P61,600
d. P60,210

Transcribed Image Text:Beginning inventory, purchases, and sales data for portable MP3 players are as follows:
Units
Amount
P44,000
Dec. 1 Beginning inventory
5 Purchases
9 Sales
2,200 units
2,300 units
3,000 units
@ P20
@ P22
@ P30
@ P30
@ P19
@ P19
@ P35
@ P35
50,600
90,000
15,000
95,000
19,000
122,500
17,500
19 Sales return
500 units
22 Purchase
5,000 units
23 Purchase return
1,000 units
3,500 units
28 Sales
29 Sales return
500 units
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