PROBLEM 10The inventory of Juan Company on December 31, 2020, consists of the following items:Inventory No.QuantityCost per UnitNRVA1001*1,0004,100P56P6A10056159A10105009885A10141,2001516A1021373,25075035A10222026A10301,3503935*Inventory A1001 is slow-moving and was acquired four years ago. It will be sold as scrap with arealizable value of P6.00Requirement:1. Determine the valuation of the inventory as of December 31, 2020.

Name: PROBLEM 10The inventory of Juan Company on December 31, 2020, consist
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Description: PROBLEM 10The inventory of Juan Company on December 31, 2020, consists of the following items:Inventory No.QuantityCost per UnitNRVA1001*1,0004,100P56P6A10056159A10105009885A10141,2001516A1021373,25075035A10222026A10301,3503935*Inventory A1001 is sl

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Business

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PROBLEM 10 The inventory of Juan Company on December 31, 2020, consists of the following items: Inventory No. A1001* Quantity Cost per Unit NRV P56 P6 1,000 4,100 A1005 61 59 A1010 500 98 85 A1014 1,200 15 16 A1021 3,250 35 37 A1022 750 20 26 A1030 1,350 39 35 *Inventory A1001 is slow-moving and was acquired four years ago. It will be sold as scrap with a realizable value of P6.00 Requirement: 1. Determine the valuation of the inventory as of December 31, 2020.

PROBLEM 10 The inventory of Juan Company on December 31, 2020, consists of the following items: Inventory No. A1001* Quantity Cost per Unit NRV P56 P6 1,000 4,100 A1005 61 59 A1010 500 98 85 A1014 1,200 15 16 A1021 3,250 35 37 A1022 750 20 26 A1030 1,350 39 35 *Inventory A1001 is slow-moving and was acquired four years ago. It will be sold as scrap with a realizable value of P6.00 Requirement: 1. Determine the valuation of the inventory as of December 31, 2020.

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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irrent Attemptin Progress Swifty Company uses the perpetual inventory system and the moving-average method to value inventories. On August 1, there were 10000 units valued at $20000 in the beginning inventory. On August 10, 10000 units were purchased for $5.00 per unit. On August 15, 15000 units were sold for $12 per unit The amount charged to cost of goods sold on August 15 was O $50000. O $20000. O $62500. O $52500.
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3 Freeflow Inc uses Gross profit method to estimate its closing Inventory details for 2020 is given below Cost Retail Gross Sales $1,685,000.00 Freight $18,000.00 Markdown cancellation $8,000.00 Markup $71,000.00 Purchases $975,000.00 $1,834,000.00 Markup cancellation $18,000.00 purchase returns $23,000.00 $36,000.00 Sales returns $38,000.00 Op Inventory $220,000.00 $411,000.00 Markdowns $69,000.00 Freeflow has averaged 64.5% gross margin Based on this, what amount will Freeflow report as cost of goods sold Question 3 options: 605315 584685 422450 598175
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