PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records: 2019 2020 2021 Number of units produced 120,000 116,250 101,250 Number of units sold 75,000 108,750 97,500 Unit production cost P 4.50 P 5.20 P 5.80 Sales revenue 600,000 900,000 975,000 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 abstractedfrom the company’s production and sales records: 2019 2020 2021 Number of units produced 120,000 116,250 101,250 Number of units sold 75,000 108,750 97,500 Unit production cost P 4.50 P 5.20 P 5.80 Sales revenue 600,000 900,000 975,000 Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records:
2019 2020 2021
Number of units
produced 120,000 116,250 101,250
Number of units sold 75,000 108,750 97,500
Unit production cost P 4.50 P 5.20 P 5.80
Sales revenue 600,000 900,000 975,000
- Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:
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