Shown below are information provided by the bookkeeper of Luna Corporation: A. Sales for the month of December totaled 286,000 units. B. The following purchases were made in December: Date Quantity Unit Cost 12/4 50,000 P13.00 12/8 62,500 12.50 12/11 75,000 12.00 12/24 70,000 12.40 C. There were 108,500 units on hand on December 1 with a total cost of P1,450,000. D. The company uses a periodic FIFO costing system. Its gross profit for December was P2,058,750. Required : How many units were on hand on December 31? What is the FIFO cost of inventory on December 31? What is the total cost of goods sold in December?
Shown below are information provided by the bookkeeper of Luna Corporation:
A. Sales for the month of December totaled 286,000 units.
B. The following purchases were made in December:
Date Quantity Unit Cost
12/4 50,000 P13.00
12/8 62,500 12.50
12/11 75,000 12.00
12/24 70,000 12.40
C. There were 108,500 units on hand on December 1 with a total cost of P1,450,000.
D. The company uses a periodic FIFO costing system. Its gross profit for December was P2,058,750.
Required :
- How many units were on hand on December 31?
- What is the FIFO cost of inventory on December 31?
- What is the total cost of goods sold in December?
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