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Date Units Units Cost Inventory 8/1 5,000 P 2.00 Purchases: 8/7 6,000 P 8,000 P 9,000 P 10,000 P 10,000 P 2.50 12 2.30 15 2.25 22 2.40 29 2.35 Issuance: 8/7 9,000 9,000 9,000 9,000 14 21 28

Date Units Units Cost Inventory 8/1 5,000 P 2.00 Purchases: 8/7 6,000 P 8,000 P 9,000 P 10,000 P 10,000 P 2.50 12 2.30 15 2.25 22 2.40 29 2.35 Issuance: 8/7 9,000 9,000 9,000 9,000 14 21 28

FINANCIAL ACCOUNTING
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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2.Determine the ending balance of raw materials inventory using FIFO-Periodic *

Date Units Units Cost Inventory 8/1 5,000 P 2.00 Purchases: 8/7 6,000 P 8,000 P 9,000 P 10,000 10,000 P 2.50 12 2.30 15 2.25 22 2.40 29 2.35 Issuance: 8/7 14 9,000 9,000 9,000 9,000 21 28
Transcribed Image Text:Date Units Units Cost Inventory 8/1 5,000 P 2.00 Purchases: 8/7 6,000 P 8,000 P 9,000 P 10,000 10,000 P 2.50 12 2.30 15 2.25 22 2.40 29 2.35 Issuance: 8/7 14 9,000 9,000 9,000 9,000 21 28
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