Chris Company produced and sold 1,000 units during its first month of operations. It reported the following cost and expenses for the month: • Direct materials: P69,000 • Direct labor: P35,000 • Variable manufacturing overhead: P15,000 • Fixed manufacturing overhead: P28,000 • Variable selling expenses: P12,000 • Fixed selling expenses: P18,000 • Variable administrative expenses: P4,000  Fixed administrative expenses: P25,000 How much is the product cost for financial accounting purposes? a. 119,000 b. 147,000 c. 206,000 d. 135,000

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.