Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost Date Transaction of Sacks May 1 Beginning Balance P200 P120,000 189,000 600 5. Purchase 900 210 7 Sales 1,300 1,400 1,200 1,000 1,200 14 Purchase 190 266,000 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? O P735,457 P775,000 O P735,000 O P735,256
Constructor Inc. sells sacks of cement. The inventory records show the following: Number Unit Cost Total Cost Date Transaction of Sacks May 1 Beginning Balance P200 P120,000 189,000 600 5. Purchase 900 210 7 Sales 1,300 1,400 1,200 1,000 1,200 14 Purchase 190 266,000 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? O P735,457 P775,000 O P735,000 O P735,256
Chapter10: Inventory
Section: Chapter Questions
Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...
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