PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 Number of units 120,000 produced Number of units sold 116,250 108,750 5.20 101,250 75,000 97,500 P 4.50 Unit production cost Sales revenue P 5.80 600,000 900,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:

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Chapter1: Financial Statements And Business Decisions
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Required: . Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:

PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted
from the company's production and sales records:
2019
2020
2021
Number of
units
120,000
produced
Number of units sold
116,250
108,750
5.20
101,250
75,000
97,500
P 4.50
Unit production cost
Sales revenue
P
5.80
600,000
900,000
975,000
19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31,
2021 is:
Transcribed Image Text:PROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 Number of units 120,000 produced Number of units sold 116,250 108,750 5.20 101,250 75,000 97,500 P 4.50 Unit production cost Sales revenue P 5.80 600,000 900,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:
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