Historical cost Units purchased Units soldRice Company used FIFO. There were 8,000 uníts on Januari.1 costing P400,000.First quarterSecond quarterThird quarterFourth quarter410,000550,000425,000630,0007,0008,5006,5009,0007,5007,3008,2007,000'The current cost per unit of inventory was P57 on January 1and P71 on December 31.1. What amount should be reported as inventory onDecember 31 at current cost?a. 576,000-b. 585,000c. 630,000d. 639,000с.2. What amount should be reported as unrealized gain oninventory for the current year?а. 126,000b.54,000с.9,000d.3. In the income statement restated to current cost, whatamount should be reported as cost of goods sold for thecurrent year?а. 1,920,000b. 1,944,000c. 2,100,000d. 2,130,000.4. What amount should be reported as realized holding gainon inventory for the current year?a. 345,000b. 135,000230,000Ca. Sc75,000 Vwith CamScannerс.

Name: Historical cost Units purchased Units soldRice Company used FIFO. The
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Description: Historical cost Units purchased Units soldRice Company used FIFO. There were 8,000 uníts on Januari.1 costing P400,000.First quarterSecond quarterThird quarterFourth quarter410,000550,000425,000630,0007,0008,5006,5009,0007,5007,3008,2007,000'The cur

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Business

Accounting

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

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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