What was the cost of inventory on July 1? Rebel Company sells a new product. During a move to a new location, the inventory records for theproduct were misplaced. The bookkeeper has been able to gather some information from thepurchases and sales records. The July purchases are as follows:Quantity10,00012,00015,00014,00051,000Unit CostTotal CostJuly 565650,000756,000900,000868,0003,174,0006312602562On July 31, 15,000 units were on hand. The sales for July amount to P6,000,000, or 60,00 units atP100 per unit. Rebel has always used a periodic FIFO inventory costing system. Gross profit onsales for July was P2,400,000. What was the cost of inventory on July 1?

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Description: What was the cost of inventory on July 1? Rebel Company sells a new product. During a move to a new location, the inventory records for theproduct were misplaced. The bookkeeper has been able to gather some information from thepurchases and sales rec

Cost of goods sold = Sales - gross profit = 6000000-2400000 = P3600000

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Rebel Company sells a new product. During a move to a new location, the inventory records for the product were misplaced. The bookkeeper has been able to gather some information from the purchases and sales records. The July purchases are as follows: July 5 9 12 25 Quantity 10,000 12,000 15,000 14,000 51,000 Unit Cost 65 63 60 62 Total Cost 650,000 756,000 900,000 868,000 3,174,000 On July 31, 15,000 units were on hand. The sales for July amount to P6,000,000, or 60,00 units at P100 per unit. Rebel has always used a periodic FIFO inventory costing system. Gross profit on sales for July was P2,400,000. What was the cost of inventory on July 1?

Rebel Company sells a new product. During a move to a new location, the inventory records for the product were misplaced. The bookkeeper has been able to gather some information from the purchases and sales records. The July purchases are as follows: July 5 9 12 25 Quantity 10,000 12,000 15,000 14,000 51,000 Unit Cost 65 63 60 62 Total Cost 650,000 756,000 900,000 868,000 3,174,000 On July 31, 15,000 units were on hand. The sales for July amount to P6,000,000, or 60,00 units at P100 per unit. Rebel has always used a periodic FIFO inventory costing system. Gross profit on sales for July was P2,400,000. What was the cost of inventory on July 1?

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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