What's the best answer for problem 11-7 and 11-9 Problem 11-9 (AICPA Adapted)Narra Company used the FIFO cost flow method imeasuring raw material inventory.However, weighted average costs are used in valuing annualincremental layers.Composition of the December 31, 2020 inventory:Weightedaverageunit cost Total costUnitsBase year inventoryIncremental layerIncremental layer201820199,0003,0002,000100110900,000330,000250,000202012514,0001,480,000Inventory, December 31, 20202021Mar. 1 4,800 units were purchased at a unit cost of P135for P648,000.Sept. 1 7,200 units were purchased at a unit cost of P140for P1,008,000. A total of 15,000 units were used forproduction in 2021.2022Jan. 10 7,500 units were purchased at a unit cost of P145for P1,087,500.May 10 5,500 units were purchased at a unit cost of P155for P852,500.Dec. 29 7,000 units were purchased at a unit cost of P160for P1,120,000. A total 16,000 units were used forproduction during 2022.Required:1. Inventory December 31, 20212. Raw materials used for production during 20213. Inventory - December 31, 20224. Raw materials used for production during 2022 Problem 11-7 (IAA)Slack Company provided the following inventory informationrelating to television sets for the current year:UnitsUnit costJanuary 1 Inventory on handApril 1October 1 Purchase2003005007,5009,00010,0005 PurchaseThe entity sold 700 TV sets during the year. A physical counton December 31 indicated that 300 TV sets are on hand.Required:Assuming that the entity used the periodic inventory system,compute the cost of the ending inventory and the cost of goodssold using FIFO and weighted average.

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Problem 11-7 (IAA) Slack Company provided the following inventory information relating to television sets for the current year: Units Unit cost January 1 Inventory on hand April 1 5 Purchase October 1 Purchase 200 300 500 7,500 9,000 10,000 The entity sold 700 TV sets during the year. A physical count on December 31 indicated that 300 TV sets are on hand.

Problem 11-7 (IAA) Slack Company provided the following inventory information relating to television sets for the current year: Units Unit cost January 1 Inventory on hand April 1 5 Purchase October 1 Purchase 200 300 500 7,500 9,000 10,000 The entity sold 700 TV sets during the year. A physical count on December 31 indicated that 300 TV sets are on hand.

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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