Please refer to the picture below for the information. Kindly use a TABLE or MS Excel in showing the complete solution. Thank you so much. Question: Using specific identification costing method, (assuming the ending inventory comes from Dec. 5 purchases, 1,300 units and Dec. 22 purchases, 1,700 units) what is the amount of inventory as of December 31? and Using Periodic system and LIFO method, what is the amount of inventory as of December 31, respectively? Choices for specific identification costing method: a. P59,010. b. P60, 210. c. P60,900. d. P57,000 Choices for Periodic system and LIFO method: a. P59,000. b. P57,000. c. P61,600. d. P60, 210
Please refer to the picture below for the information. Kindly use a TABLE or MS Excel in showing the complete solution. Thank you so much. Question: Using specific identification costing method, (assuming the ending inventory comes from Dec. 5 purchases, 1,300 units and Dec. 22 purchases, 1,700 units) what is the amount of inventory as of December 31? and Using Periodic system and LIFO method, what is the amount of inventory as of December 31, respectively? Choices for specific identification costing method: a. P59,010. b. P60, 210. c. P60,900. d. P57,000 Choices for Periodic system and LIFO method: a. P59,000. b. P57,000. c. P61,600. d. P60, 210
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Please refer to the picture below for the information. Kindly use a TABLE or MS Excel in showing the complete solution. Thank you so much.
Question: Using specific identification costing method, (assuming the ending inventory comes from Dec. 5 purchases, 1,300 units and Dec. 22 purchases, 1,700 units) what is the amount of inventory as of December 31? and Using Periodic system and LIFO method, what is the amount of inventory as of December 31, respectively?
Choices for specific identification costing method:
a. P59,010. b. P60, 210. c. P60,900. d. P57,000
Choices for Periodic system and LIFO method:
a. P59,000. b. P57,000. c. P61,600. d. P60, 210
Transcribed Image Text:9. Beginning inventory, purchases, and sales data for portable MP3 players are as follows:
Units
Amount
2,200 units
2,300 units
3,000 units
P44,000
50,600
90,000
15,000
95,000
19,000
Dec. 1 Beginning inventory
@ P20
Purchases
@ P22
9.
Sales
@ P30
19
Sales return
500 units
@ Р30
22
Purchase
5,000 units
@ P19
1,000 units
3,500 units
23
Purchase return
@ P19
28 Sales
@ Р35
122,500
29
Sales return
500 units
@ P35
17,500
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education