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The following data were taken from the accounting records of Cooka Lamps, Inc
Balance at January 1, 2020 5,000 lamps @ P30
Purchases: January 8,
2020 1,200 lamps @ P32P137,760
January 20, 2020 800 lamps @ P34
Sales: January 6, 2020 1,600 lamps
January 14, 2021 1,020 lamps
On January 31, 2020, it was determine by physical count that 4,200 lamps were on
hand
If Cooka Lamps uses a periodic inventory system, the cost of the inventory using the weighted average cost flow assumption at January 31, 2020 is
Select one or more:
P137,760
P129,360
P134,400
P130,968
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- A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.50 May 3 240@ $8.00 4 1,390 @ $5.40 6 1,080 @ $8.00 8 800 @ $5.60 12 900 @ $8.50 14 700 @ $5.70 18 450 @ $8.50 22 1,250 @ $5.80 25 1,400 @ $9.00 29 560 @ $5.85 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory +A $arrow_forwardThe following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 210 units. Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $ 12 January 31 Purchases 53 units at $14 IF THE TAX RATE IS 30%, HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO?arrow_forwardPrepare Statement of Financial Position as of December 31, 2019.arrow_forward
- Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Oct. 30 Paid account in full from the October 20 purchase. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Oct. 13 Oct. 20 Oct. 30 Accounts Receivable Accounts Payable Cost of Goods Sold Cash Sales Returns and Allowances II III II IIarrow_forwardOn 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. ₱ 291,060arrow_forwardA company reported the following balances in some selected accounts: Inventory, 1 March $4,000, Transportation-in $200, Inventory, 31 March $6,000, Purchases $16,000, Purchase Returns and Allowances $500, Purchase discounts $700, Sales $35,000, Sales discounts $1,500. The Cost of Goods Sold for the period is: Group of answer choices $13,000 $16,000 $12,600 $13,400arrow_forward
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