The answer is 6,400,000Please help me provide a solution. Thank you . Vincenzo Cassano Company sells one product, which it purchases from varioussuppliers. The trial balance at December 31, 2020, indluded the following accounts:Sales (100,000 units at P150)Sales discountP15,000,0001,000,0009,300,000400,000100,000200,000PurchasesPurchase discountFreight inFreight outThe inventory purchases during 2020 were as follows:Beginning inventory, January 1Purchases, quarter ended March 31Purchases, quarter ended June 30Purchases, quarter ended Sept. 30Purchases, quarter ended Dec. 31Units Unit cost20,00030,00040,00050,00010,000150.000Total costP 1,200,0001,950,0002,800,0003,750,000800,000P10.500.000P6065707580Vincenzo Cassano's accounting policy is to report inventory in its financial statements atthe lower of cost or market, applied to total inventory. Cost is determined under thefirst-in, first-out method.Vincenzo Cassano has determined that, at December 31, 2020, the replacement cost ofits inventory was P70 per unit and the net realizable value was P72 per unit. Thenormal profit margin is P10 per unit.What should Vincenzo Cassano report as cost of goods sold for the year 2020?

Vincenzo Cassano Company as at 31.12.2020, Sales units = 100000 units Total inventory of goods…

Vincenzo Cassano Company sells one product, which it purchases from various suppliers. The trial balance at December 31, 2020, included the following accounts: Sales (100,000 units at P150) Sales discount Purchases Purchase discount P15,000,000 1,000,000 9,300,000 400,000 100,000 200,000 Freight in Freight out The inventory purchases during 2020 were as follows: Units Unit cost 20,000 30,000 40,000 50,000 10,000 150.000 Total cost P 1,200,000 1,950,000 2,800,000 3,750,000 800,000 P10.500,000 P60 Beginning inventory, January 1 Purchases, quarter ended March 31 Purchases, quarter ended June 30 Purchases, quarter ended Sept. 30 Purchases, quarter ended Dec. 31 65 70 75 80 Vincenzo Cassano's accounting policy is to report inventory in its financial statements a the lower of cost or market, applied to total inventory. Cost is determined under the first-in, first-out method. Vincenzo Cassano has determined that, at December 31, 2020, the replacement cost o its inventory was P70 per unit and the net realizable value was P72 per unit. The normal profit margin is P10 per unit. What should Vincenzo Cassano report as cost of goods sold for the year 2020?

Vincenzo Cassano Company sells one product, which it purchases from various suppliers. The trial balance at December 31, 2020, included the following accounts: Sales (100,000 units at P150) Sales discount Purchases Purchase discount P15,000,000 1,000,000 9,300,000 400,000 100,000 200,000 Freight in Freight out The inventory purchases during 2020 were as follows: Units Unit cost 20,000 30,000 40,000 50,000 10,000 150.000 Total cost P 1,200,000 1,950,000 2,800,000 3,750,000 800,000 P10.500,000 P60 Beginning inventory, January 1 Purchases, quarter ended March 31 Purchases, quarter ended June 30 Purchases, quarter ended Sept. 30 Purchases, quarter ended Dec. 31 65 70 75 80 Vincenzo Cassano's accounting policy is to report inventory in its financial statements a the lower of cost or market, applied to total inventory. Cost is determined under the first-in, first-out method. Vincenzo Cassano has determined that, at December 31, 2020, the replacement cost o its inventory was P70 per unit and the net realizable value was P72 per unit. The normal profit margin is P10 per unit. What should Vincenzo Cassano report as cost of goods sold for the year 2020?

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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