Harry Company's reoords indicate the following information: Merchandise inventory, January 1, 200X7 Purchases, January 1 through December 31, 20X7 Sales, January 1 through December 31, 20X7 P 550,000 2,250,000 3,000,000 On December 31, 20X7, a physical inventory determined that ending inventory of P600,000 was in the warehouse. Harry's gross profit on sales has remained constant at 30%. Harry suspects some of the inventory may have been taken by some new employees. At December 31, 20X7, what is the estimated cost of missing inventory? O P100,000 O P200,000 P300,000 O P700,000

Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)

26. The following data refer to Issue Company’s ending inventory: Item code Quantity Unit Cost Unit Market Small 100 $56 $59 Medium 420   38   44 Large 600   44   42 Extra-Large 220   64   67   How much is the inventory if the lower of cost or market rule is applied to each item of inventory?

If beginning inventory is understated by $11800, the effect of this error in the current period is Cost of Goods Sold Net Income Net Income overstated understated understated overstated understated understated overstated overstated