Answered: Date Transaction Units Čost August 1…

Date Transaction Units Čost August 1 P36.00 37.20 2,000 3,000 3,600 4,800 3,800 1,600 Inventory Purchase 7 12 Sales 21 Purchase 38.00 22 Sales 29 Purchase 38.60

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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Question

100%

Miller Inc. is a wholesaler of office supplies. The activity for Model III calculators during August is shown below:

1. If Miller Inc. uses a LIFO cost perpetual inventory system, the ending inventory of Model III calculators at August 31 is reported as?

Date
Transaction
Units
Cost
August 1
Inventory
2,000
3,000
3,600
P36.00
7
Purchase
37.20
12
Sales
21
Purchase
4,800
3,800
1,600
38.00
22
Sales
29
Purchase
38.60

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