The following information was taken from the accounting records of Tampa Roofing Company for the year ended 2022: UNITS UNIT COST TOTAL COST Inventory, January 1 150 P15.00 P2,250.00 Purchased April 1 235 P10.00 2,350.00 Purchased August 15 50 P12.00 600.00 Goods Available for Sale 435 P5,200.00 Goods Sold During the Year 200 ? Ending Inventory Using FIFO method, how much is the cost of goods sold? P2,100.00

The following information was taken from the accounting records of Tampa Roofing Company for the year ended 2022: UNITS UNIT COST TOTAL COST Inventory, January 1 150 P15.00 P2,250.00 Purchased April 1 235 P10.00 2,350.00 Purchased August 15 50 P12.00 600.00 Goods Available for Sale 435 P5,200.00 Goods Sold During the Year 200 ? Ending Inventory Using FIFO method, how much is the cost of goods sold? P2,100.00

Name: The following information was taken from the accounting records of Ta
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Description: The following information was taken from the accounting records of Tampa RoofingCompany for the year ended 2022:UNITSUNIT COSTTOTAL COSTInventory, January 1150P15.00P2,250.00Purchased April 1235P10.002,350.00Purchased August 1550P12.00600.00Goods Av

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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Use the Inventory Table and the gross profit inventory method to estimate the ending inventory and cost of goods sold if a 42% gross profit on sales is realized and net sales are $1,451.52. Date of purchase Units purchased Cost per unitRetail price per unitBeginning inventory94$12$18 April 1224$8$11May 814$14$17 June 238$15$23The estimated cost of goods sold is $The estimated ending inventory is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
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