PROBLEM 7 The following information was provided by the bookkeeper of COW, INC.: 1. Sales for the month of June totaled 286,000 units. 2. The following purchases were made in June: DATE June 4 June 8 June 11 June 24 1. How many units were on hand on June 30? a. 80,000 b. 177,500 QUANTITY 50,000 3. There were 108,500 units on hand on June 1 with a total cos of P1,450,000. Cow, Inc. uses a periodic FIFO costing system. The company's gross income for June was P2,058,750. a. P1,025,000 b. P1,016,230 62,500 75,000 70,000 2. What is FIFO cost of the company's inventory on June 30? c. P988,000 d. P1,069,124 3. What is the total cost of goods sold in June? a. P3,632,200 b. P3,617,900 quantities is a. Performing a gross profit test. b. Testing inventory extensions. c. 28,500 d. 149,000 UNIT COST P13.000 12.50 12.000 12.40 c. P3,580,126 d. P3,661,250 4. The 285,000 units sold in June had a unit selling price of a. P20 c. P12.70 b. P13 d. P7.20 5. An essential procedural control to ensure the accuracy of the recorded inventory c. Calculating unit costs and valuing obsolete or damaged inventory items in accordance with inventory policy. d. Establishing a cutoff for goods received and shipped.

PROBLEM 7 The following information was provided by the bookkeeper of COW, INC.: 1. Sales for the month of June totaled 286,000 units. 2. The following purchases were made in June: DATE June 4 June 8 June 11 June 24 1. How many units were on hand on June 30? a. 80,000 b. 177,500 QUANTITY 50,000 3. There were 108,500 units on hand on June 1 with a total cos of P1,450,000. Cow, Inc. uses a periodic FIFO costing system. The company's gross income for June was P2,058,750. a. P1,025,000 b. P1,016,230 62,500 75,000 70,000 2. What is FIFO cost of the company's inventory on June 30? c. P988,000 d. P1,069,124 3. What is the total cost of goods sold in June? a. P3,632,200 b. P3,617,900 quantities is a. Performing a gross profit test. b. Testing inventory extensions. c. 28,500 d. 149,000 UNIT COST P13.000 12.50 12.000 12.40 c. P3,580,126 d. P3,661,250 4. The 285,000 units sold in June had a unit selling price of a. P20 c. P12.70 b. P13 d. P7.20 5. An essential procedural control to ensure the accuracy of the recorded inventory c. Calculating unit costs and valuing obsolete or damaged inventory items in accordance with inventory policy. d. Establishing a cutoff for goods received and shipped.

Name: Please use moving average in answering the questions (disregard FIFO)
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Description: Please use moving average in answering the questions (disregard FIFO) PROBLEM 7The following information was provided by the bookkeeper of COW, INC.:1. Sales for the month of June totaled 286,000 units.2. The following purchases were made in June:DAT

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter7: Inventories

Section: Chapter Questions

Problem 7.4CP: Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on...

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