The following information was provided by the bookkeeper of CO INC.: i. Sales for the month of June totaled 286,000 units. ii. The following purchases were made in June: Quantity 50,000 62,500 75,000 70,000 Date Unit Cost June 4 P13.00 12.50 11 12.00 24 12.40 ii. There were 108,500 units on hand on June 1 with a total cost of P1,450,000. Cow, Inc. uses a periodic FIFO costing system. The company's gross profit for June was P2.058.750.

The following information was provided by the bookkeeper of CO INC.: i. Sales for the month of June totaled 286,000 units. ii. The following purchases were made in June: Quantity 50,000 62,500 75,000 70,000 Date Unit Cost June 4 P13.00 12.50 11 12.00 24 12.40 ii. There were 108,500 units on hand on June 1 with a total cost of P1,450,000. Cow, Inc. uses a periodic FIFO costing system. The company's gross profit for June was P2.058.750.

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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