Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company provided the following information: Purchases during June: at cost, P3,800,000; at retail, P5,200,000. Sales during June: P4,800,000. Inventory June 1: at cost, P550,000; at retail, P820,000. Estimate the ending inventory for June under FIFO cost basis. a. 892,550 b. 890,600 c. 888,900 d. 905,098
Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company provided the following information: Purchases during June: at cost, P3,800,000; at retail, P5,200,000. Sales during June: P4,800,000. Inventory June 1: at cost, P550,000; at retail, P820,000. Estimate the ending inventory for June under FIFO cost basis. a. 892,550 b. 890,600 c. 888,900 d. 905,098
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company provided the following information:
Purchases during June: at cost, P3,800,000; at retail, P5,200,000.
Sales during June: P4,800,000.
Inventory June 1: at cost, P550,000; at retail, P820,000.
Estimate the ending inventory for June under FIFO cost basis.
a. 892,550
b. 890,600
c. 888,900
d. 905,098
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