XYZ Corp. uses the retirement method to account for their cutlery. On January 1, 2020, the count was at 500 pieces. The older 200 pieces were valued at P5.00 per piece while the newer 300 pieces costed P5.10 each. During the year, it purchased additional 250 pieces for P5.20 each. During the year, it sold 50 pieces for P100. The year-end count resulted to 400 pieces. How much is the depreciation expense for 2020?
XYZ Corp. uses the retirement method to account for their cutlery. On January 1, 2020, the count was at 500 pieces. The older 200 pieces were valued at P5.00 per piece while the newer 300 pieces costed P5.10 each. During the year, it purchased additional 250 pieces for P5.20 each. During the year, it sold 50 pieces for P100. The year-end count resulted to 400 pieces. How much is the depreciation expense for 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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XYZ Corp. uses the retirement method to account for their cutlery. On January 1, 2020, the count was at 500 pieces. The older 200 pieces were valued at P5.00 per piece while the newer 300 pieces costed P5.10 each. During the year, it purchased additional 250 pieces for P5.20 each. During the year, it sold 50 pieces for P100. The year-end count resulted to 400 pieces. How much is the
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