Constructor Inc. sells sacks of cement. The inventory records show the following:DateTransactionNumber Unit Cost Total Costof SacksMay 1 Beginning Balance600P200 P120,0005Purchase900210189,0007Sales1,3001,4001,2001,00014Purchase190266,00015Sales24Purchase200200,00028Sales1,200If the entity uses the FIFO method to cost inventories, how much should it report as Cost ofGoods Sold?

Name: Constructor Inc. sells sacks of cement. The inventory records show th
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Description: Constructor Inc. sells sacks of cement. The inventory records show the following:DateTransactionNumber Unit Cost Total Costof SacksMay 1 Beginning Balance600P200 P120,0005Purchase900210189,0007Sales1,3001,4001,2001,00014Purchase190266,00015Sales24Pu

Inventory: Inventory refers to the goods which are purchased or manufactured to sell in the future.…

Business

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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?

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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