How much should it report as Cost of Goods Sold? Constructor Inc. sells sacks of cement. The inventory records show the following:DateTransactionNumber Unit Cost Total Costof SacksMay 1 Beginning BalancePurchaseP200 P120,000189,000600900210Sales1,3001,4001,2001,0001,20014Purchase190266,00015Sales24Purchase200200,00028SalesIf the entity uses the FIFO method to cost inventories, how much should it report as Cost ofGoods Sold?O P735,457P775,000P735,000O P735,25657

LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

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

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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Similar questions

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Gross profit is the gross sales price charged for the goods sold A.True B.False
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.