SM Store uses the calendar year and the FIFO retailinventory method (assuming stable prices). Informationrelating to the computation of the inventory at December31, is as follows:COSTInventory, January 1 P320,000RETAILP 800,0005,800,0006,000,000SalesPurchases2,100,00070,000Freight-inNet markups400,000200,000Net markdownsWhat is the ending inventory at cost at December 31,using the FIFO retail inventory method?

Name: SM Store uses the calendar year and the FIFO retailinventory method (
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Description: SM Store uses the calendar year and the FIFO retailinventory method (assuming stable prices). Informationrelating to the computation of the inventory at December31, is as follows:COSTInventory, January 1 P320,000RETAILP 800,0005,800,0006,000,000Sale

Under, the FIFO retail inventory method, the inventory is value based on retail inventory price used…

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Business

Accounting

What is the ending inventory at cost at December 31, using the FIFO retail inventory 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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