Cost formulaInformation on Entity A's inventory of Product A is as follows:UnitsUnit CostTotal CostP 58,650Balance at Jan. 15. Infosho3,000P19.55Lower oPurchases:Jan. 6Jan. 26Sales:10,20021.50219,3002,25020.6046,350PurchJan. 7Jan. 31FreigSell2,7007,200Fre2. How much are the ending inventory and cost of sales underGethe FIFO cost formula?Ending inventorya. 117,300b. 120,300Cost of sales207,000204,000C. 121,300d. 124,300203,000200,0003. How much are the ending inventory and cost

Name: Cost formulaInformation on Entity A's inventory of Product A is as fo
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Description: Cost formulaInformation on Entity A's inventory of Product A is as follows:UnitsUnit CostTotal CostP 58,650Balance at Jan. 15. Infosho3,000P19.55Lower oPurchases:Jan. 6Jan. 26Sales:10,20021.50219,3002,25020.6046,350PurchJan. 7Jan. 31FreigSell2,7007,

Solution: Under FIFO method of inventory costing, units purchased first is considered as sold first.…

Business

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Cost formula Information on Entity A's inventory of Product A is as fóllows: Units Total Cost P 58,650 Unit Cost Balance at Jan. 1 3,000 P19.55 Purchases: 10,200 21.50 219,300 Jan. 6 Jan. 26 2,250 20.60 46,350 Sales: Jan. 7 2,700 Jan. 31 7,200 2. How much are the ending inventory and cost of sales u the FIFO cost formula? Ending inventory a. 117,300 b. 120,300 Cost of sales 207,000 204,000 C. 121,300 d. 124,300 203,000 200,000

Cost formula Information on Entity A's inventory of Product A is as fóllows: Units Total Cost P 58,650 Unit Cost Balance at Jan. 1 3,000 P19.55 Purchases: 10,200 21.50 219,300 Jan. 6 Jan. 26 2,250 20.60 46,350 Sales: Jan. 7 2,700 Jan. 31 7,200 2. How much are the ending inventory and cost of sales u the FIFO cost formula? Ending inventory a. 117,300 b. 120,300 Cost of sales 207,000 204,000 C. 121,300 d. 124,300 203,000 200,000

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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Answer ALL parts for Gross Profit With Working.Answer In Text.
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