The following information was available from the inventory records of Moen Company for January: Units 3,000 Unit Cost Total Cost P29,310 Balance at January 1 Purchases: P9.77 January 6 January 26 2,000 2,700 20,600 28,917 10.30 10.71 Sales: January 7 January 31 Balance at January 31 (2,500) (3,200) 2,000 1. Assuming that Moen does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest peso? 2. Assuming that Moen maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest peso?

The following information was available from the inventory records of Moen Company for January: Units 3,000 Unit Cost Total Cost P29,310 Balance at January 1 Purchases: P9.77 January 6 January 26 2,000 2,700 20,600 28,917 10.30 10.71 Sales: January 7 January 31 Balance at January 31 (2,500) (3,200) 2,000 1. Assuming that Moen does not maintain perpetual inventory records, what should be the inventory at January 31, using the weighted-average inventory method, rounded to the nearest peso? 2. Assuming that Moen maintains perpetual inventory records, what should be the inventory at January 31, using the moving-average inventory method, rounded to the nearest peso?

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Description: The following information was available from the inventory records of MoenCompany for January:Units3,000Unit Cost Total CostP29,310Balance at January 1Purchases:P9.77January 6January 262,0002,70010.3020,60028,91710.71Sales:January 7January 31Balance

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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