Lockout Company revealed the following inventory transactions: Jan Baginning balance, 16,000 units @P140 5 Purchased 4,000 units @P150 10 Issued 15, 000 units to production 15 Purchased 20,000 units @ P160 16 Returned 1,000 units to supplier from January 15 purchase 25 Issued 8,000 units to production 26 Production returned 4,000 units to storeroom from the January 25 issue 31 Purchased 30,000 units @P150 What is the cost of the inventory on January 31 using FIFO method?

Lockout Company revealed the following inventory transactions: Jan Baginning balance, 16,000 units @P140 5 Purchased 4,000 units @P150 10 Issued 15, 000 units to production 15 Purchased 20,000 units @ P160 16 Returned 1,000 units to supplier from January 15 purchase 25 Issued 8,000 units to production 26 Production returned 4,000 units to storeroom from the January 25 issue 31 Purchased 30,000 units @P150 What is the cost of the inventory on January 31 using FIFO method?

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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