Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1 costing P400,000. January First quarter Second quarter Third quarter Fourth quarter 410,000 550,000 425,000 630,000 7,000 8,500 6,500 9,000 7,500 7,300 8,200 7,000' The current cost per unit of inventory was P57 on January 1 and P71 on December 31. 1. What amount should be reported as inventory on December 31 at current cost? a. 576,000· b. 585,000 c. 630,000 d. 639,000
Historical cost Units purchased Units sold Rice Company used FIFO. There were 8,000 umíts on 1 costing P400,000. January First quarter Second quarter Third quarter Fourth quarter 410,000 550,000 425,000 630,000 7,000 8,500 6,500 9,000 7,500 7,300 8,200 7,000' The current cost per unit of inventory was P57 on January 1 and P71 on December 31. 1. What amount should be reported as inventory on December 31 at current cost? a. 576,000· b. 585,000 c. 630,000 d. 639,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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