The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: Beginning Inventory Purchases during the period Freight- in Net markup At Cost P 650, 000 2, 450, 000 50, 000 At Retail P 1, 075, 000 3, 025, 000 400, 000 Net markdown 300, 000 3, 880, 000 Net sales during the period What is the ending inventory at estimated cost using the First-in, First-out inventory method?
The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: Beginning Inventory Purchases during the period Freight- in Net markup At Cost P 650, 000 2, 450, 000 50, 000 At Retail P 1, 075, 000 3, 025, 000 400, 000 Net markdown 300, 000 3, 880, 000 Net sales during the period What is the ending inventory at estimated cost using the First-in, First-out inventory method?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 5PEA
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Question
What is the ending inventory at estimated cost using the First-in, First-out inventory method?
A. 240,000
B. 320,000
C. 224,000
D. 256,000
![The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows:
At Cost
P 650, 000
At Retail
P 1, 075, 000
Beginning Inventory
Purchases during the period
Freight- in
Net markup
Net markdown
2, 450, 000
3, 025, 000
50, 000
400, 000
300, 000
3, 880, 000
Net sales during the period
What is the ending inventory at estimated cost using the First-in, First-out inventory method?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F470b8c94-d36a-48fe-b247-019123f88e71%2F559124eb-9eb5-4ccf-b51e-bc4023984cf8%2Fo2r6q3_processed.png&w=3840&q=75)
Transcribed Image Text:The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows:
At Cost
P 650, 000
At Retail
P 1, 075, 000
Beginning Inventory
Purchases during the period
Freight- in
Net markup
Net markdown
2, 450, 000
3, 025, 000
50, 000
400, 000
300, 000
3, 880, 000
Net sales during the period
What is the ending inventory at estimated cost using the First-in, First-out inventory method?
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