Jitra Bhd (JB) sells health care product. Following is the information for its inventory for the month of December 2021. Date Transactions I Dec Inventory on hand consists of 500 units at RM14 each. 8 Dec Sold merchandise for RM9,000 (300 units @ RM30), f.o.b. destination, to a customer in Ampang, Kuala Lumpur. The customer was scheduled b receive the merchandise on 9 December 2021. Purchased merchandise costing RM10,500 (700 units @ RMI5) from a vendor, f.o.b. shipping point, 2/10, n/30. The merchandise was received on 14 December 2021. The transportation cost was RM140. 10 Dec Purchased merchandise costing RM6,200 (400 units @ RM15.50) froma vendor, f.o.b. destination, 2/10, n/30. The merchandise was received on 19 December 2021. The transportation cost was RM80. 15 Dec 20 Dec Sold merchandise for RM15,000 (500 units @ RM30), f.o.b. shipping point, to a customer in Sungai Petani, Kedah. The customer was scheduled to receive the merchandise on 22 December 2021. Purchased merchandise costing RM16,000 (1,000 units @ RM16) fom a vendor, f.o.b. destination, 2/10, n/30. The merchandise was received on 2 January 2022. The transportation cost was RM200. 27 Dec JB uses perpetual inventory system for maintaining inventory records. The policy of the company is to record purchases using the net method. REQUIRED: (Round the answer to two (2) decimal points) (a) Prepare a schedule to calculate the cost of inventory on hand at 31 December 2021 and the costof goods sold for the month ended 31 December 2021 using: i. the FIFO costmethod ii, the moving average cost method. (b) Explain whether the physical inventory should be equal to the amount indicated by the inventory record under the perpetual inventory system.

CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000

The following transactions are for Wildhorse Company. 1.   On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2.   On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3.   On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

On December 31, 2023, the following information was available from ORANGE Company's accounting records:   COST RETAIL inventory Jan 1 ₱ 220, 500 ₱ 304, 500 Purchases 1,234,800 1,732,500 Additional Markups   63,000 Goods available for sale 1,455,300 2,100,000 Gross sales for the year totaled ₱ 1,659,000. Markdown amounted to ₱ 25,000. Total recorded sales discount is  ₱ 105,000 (including employee discounts of ₱ 35,000). What is the cost of ORANGE company's inventory on December 31, 2023, under the average method? A. ₱ 266,560 B. ₱ 281,250 C. ₱ 289,150 D. ₱ 291,060