Lockout Company revealed the following inventory transactions:Jan. 1 Beginning balance, 16,000 units @ P1405 Purchased 4,000 units @ P15010Issued 15,000 unitsproduction15 Purchased 20,000 units @ P16016 Returned 1,000 units to supplier fromJanuary 15 purchase25Issued 8,000 units to production26 Production returned 4,000 unitstostoreroom from the January 25 issue31 Purchased 30,000 units @ P150What is the cost of the inventory on January 31 using FIFO method?

Name: Lockout Company revealed the following inventory transactions:Jan. 1
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Description: Lockout Company revealed the following inventory transactions:Jan. 1 Beginning balance, 16,000 units @ P1405 Purchased 4,000 units @ P15010Issued 15,000 unitsproduction15 Purchased 20,000 units @ P16016 Returned 1,000 units to supplier fromJanuary 1

FIFO is First in First out method of inventories, which says that inventories which comes in first…

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What is the cost of the inventory on January 31 using FIFO method?

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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