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The following data pertain to a particular item sold by Gemini Company. August 1 - Beginning inventory          2,000 units at P50 August 8 - Purchases                         9,000 units at P52 August 10 - Sales                             1,500 units at P130 August 14 - Purchases                     3,000 units at P55 August 20 - Sales                             8,000 units at P135 August 29 - Purchases                     1,500 units at P59 Question: - Using the FIFO cost flow, how much is the cost of inventory at August 31? A. P354,000 B. P312,000 C. P331,500 D. 330,000

The following data pertain to a particular item sold by Gemini Company. August 1 - Beginning inventory          2,000 units at P50 August 8 - Purchases                         9,000 units at P52 August 10 - Sales                             1,500 units at P130 August 14 - Purchases                     3,000 units at P55 August 20 - Sales                             8,000 units at P135 August 29 - Purchases                     1,500 units at P59 Question: - Using the FIFO cost flow, how much is the cost of inventory at August 31? A. P354,000 B. P312,000 C. P331,500 D. 330,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following data pertain to a particular item sold by Gemini Company.

August 1 - Beginning inventory          2,000 units at P50
August 8 - Purchases                         9,000 units at P52
August 10 - Sales                             1,500 units at P130
August 14 - Purchases                     3,000 units at P55
August 20 - Sales                             8,000 units at P135
August 29 - Purchases                     1,500 units at P59

Question:
- Using the FIFO cost flow, how much is the cost of inventory at August 31?

A. P354,000
B. P312,000
C. P331,500
D. 330,000

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