Corporation. On May 31, 2019, he received a 50% stock dividend.On different dates as listed below, Mr. Bening purchased common stock of ABCTotalLotCost PerDateNo. ofCostNo.SharePurchasedSharesP40,000.001P100.00Oct. 15, 2018Jan. 15, 201940036,000.002120.0030028,000.0015,000.003.140.00Mar. 15, 2019200150.004Маy 15, 2019100Note: First-in first-out (FIFO) method assumes that the first stocks bought are the firstones sold.18. On June 30, 2019, Mr. Bening sold 1.400 shares at P100 per share. Using the first-in.first out method, the gain or (loss) of Mr. Bening isd. P21,000а. Р31,000b. (P26,600)c. P28,938

Total number of shares of stock dividend = (400+300+200+100) x 50% = 500 shares Cost of stock…

On different dates as listed below, Mr. Bening purchased common stock of ABC Corporation. On May 31, 2019, he received a 50% stock dividend. Total Lot Cost Per Date No. of Cost No. Share Purchased Shares P40,000.00 1 P100.00 Oct. 15, 2018 Jan. 15, 2019 Mar. 15, 2019 400 36,000.00 28,000.00 15,000.00 2 120.00 300 140.00 3 200 150.00 4 Маy 15, 2019 100 Note: First-in first-out (FIFO) method assumes that the first stocks bought are the firs ones sold. 18. On June 30, 2019, Mr. Bening sold 1,400 shares at P100 per share. Using the first-in first out method, the gain or (loss) of Mr. Bening is d. P21,000 а. Р31,000 b. (P26,600) c. P28,938

On different dates as listed below, Mr. Bening purchased common stock of ABC Corporation. On May 31, 2019, he received a 50% stock dividend. Total Lot Cost Per Date No. of Cost No. Share Purchased Shares P40,000.00 1 P100.00 Oct. 15, 2018 Jan. 15, 2019 Mar. 15, 2019 400 36,000.00 28,000.00 15,000.00 2 120.00 300 140.00 3 200 150.00 4 Маy 15, 2019 100 Note: First-in first-out (FIFO) method assumes that the first stocks bought are the firs ones sold. 18. On June 30, 2019, Mr. Bening sold 1,400 shares at P100 per share. Using the first-in first out method, the gain or (loss) of Mr. Bening is d. P21,000 а. Р31,000 b. (P26,600) c. P28,938

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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