Answered: Date Units Units Cost Inventory 8/1…

Date Units Units Cost Inventory 8/1 5,000 P 2.00 Purchases: 8/7 6,000 P 8,000 P 9,000 P 10,000 P 10,000 P 2.50 12 2.30 15 2.25 22 2.40 29 2.35 Issuance: 8/7 9,000 9,000 9,000 9,000 14 21 28

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

2.Determine the ending balance of raw materials inventory using FIFO-Periodic *

Date
Units
Units Cost
Inventory 8/1
5,000 P
2.00
Purchases:
8/7
6,000 P
8,000 P
9,000 P
10,000
10,000 P
2.50
12
2.30
15
2.25
22
2.40
29
2.35
Issuance:
8/7
14
9,000
9,000
9,000
9,000
21
28

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