Roundta respect to cost of goods sold for the current year: any reported the following information with Units Historical cost Inventòry – January 1 Purchases 10,000 45,000 530,000 2,790,000 Goods available for sale Inventory - December 31 55,000 (15,000) 40,000 3,320,000 ( 945,000) Cost of goods sold 2,375,000 The current cost per unit of inventory was P58 on January 1 and P72 on December 31. 1. In the statement of financial position restated to current cost, what amount should be reported as inventory on December 31? a. 1,080,000 b. 2,880,000 975,000 d. 870,000. с. 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210,000 b. 135,000 560,000 d. с. 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2,320,000 b. 2,880,000 c. 2,600,000 d. 2,375,000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? а. 225,000 b. 135,000 CS @ca350,000th CamScanner d. 505,000

Roundta respect to cost of goods sold for the current year: any reported the following information with Units Historical cost Inventòry – January 1 Purchases 10,000 45,000 530,000 2,790,000 Goods available for sale Inventory - December 31 55,000 (15,000) 40,000 3,320,000 ( 945,000) Cost of goods sold 2,375,000 The current cost per unit of inventory was P58 on January 1 and P72 on December 31. 1. In the statement of financial position restated to current cost, what amount should be reported as inventory on December 31? a. 1,080,000 b. 2,880,000 975,000 d. 870,000. с. 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210,000 b. 135,000 560,000 d. с. 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2,320,000 b. 2,880,000 c. 2,600,000 d. 2,375,000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? а. 225,000 b. 135,000 CS @ca350,000th CamScanner d. 505,000

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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pp. Subject :- Accounting
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