The answer is 9,400,000.Please help me find the solution to this problem. Choi Myung-hee Company had 180,000 units of Product A on hand at January 1, 2020costing P20 each. Purchases of product A during the month of January were as follows:Units160,000200,000140,000Unit costJanuary 51530405031A physical count on January 31, 2020 shows 200,000 units of product A on hand. Theinventory on January 31, should be for FIFO and LIFO?

FIFO stands for First-In, First-Out is the method of inventory which assumes that the oldest…

Answered: physical count on January 31, 20 shows…

physical count on January 31, 20 shows 200,000 units or product A on hand. The inventory on January 31, should be for FIFO and LIFO?

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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Question

The answer is 9,400,000.

Please help me find the solution to this problem.

Choi Myung-hee Company had 180,000 units of Product A on hand at January 1, 2020
costing P20 each. Purchases of product A during the month of January were as follows:
Units
160,000
200,000
140,000
Unit cost
January 5
15
30
40
50
31
A physical count on January 31, 2020 shows 200,000 units of product A on hand. The
inventory on January 31, should be for FIFO and LIFO?

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