Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost of Sacks 600 Date Transaction May 1 Beginning Balance P200 P120,000 189,000 5 Purchase 900 210 7 Sales 1,300 266,000 1,400 1,200 1,000 1,200 14 Purchase 190 15 Sales 24 Purchase 200 200,000 28 Sales If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold?
Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost of Sacks 600 Date Transaction May 1 Beginning Balance P200 P120,000 189,000 5 Purchase 900 210 7 Sales 1,300 266,000 1,400 1,200 1,000 1,200 14 Purchase 190 15 Sales 24 Purchase 200 200,000 28 Sales If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold?
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text:Constructor Inc. sells sacks of cement. The inventory records show the following:
Date
Transaction
Number Unit Cost Total Cost
of Sacks
May 1 Beginning Balance
600
P200 P120,000
5
Purchase
900
210
189,000
7
Sales
1,300
1,400
1,200
1,000
14
Purchase
190
266,000
15
Sales
24
Purchase
200
200,000
28
Sales
1,200
If the entity uses the FIFO method to cost inventories, how much should it report as Cost of
Goods Sold?
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