What amount should Metro report as inventory at Jan. 31 under moving average and FIFO method, respectively? *a. Moving average = P 2,640,000; FIFO method = P 1,300,000b. Moving average = P 3,225,000; FIFO method = P 2,700,000c. Moving average = P 3,300,000; FIFO method = P 3,975,000d. Moving average = P 3,900,000; FIFO method = P 3,900,000 During the January of the current year, Metro Company which maintains a perpetualinventory system, recorded the following information pertaining to its inventoryUnitsUnit costBal. Jan. 110,000100Purchased on Jan. 76,000300Sold on Jan. 209,000Purchased on Jan. 254,000518.75

Name: What amount should Metro report as inventory at Jan. 31 under moving a
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Description: What amount should Metro report as inventory at Jan. 31 under moving average and FIFO method, respectively? *a. Moving average = P 2,640,000; FIFO method = P 1,300,000b. Moving average = P 3,225,000; FIFO method = P 2,700,000c. Moving average = P 3,3

This question deals with the FIFO and moving weighted method of inventory under perpetual inventory…

Answered: During the January of the current year,…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 8E: Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year,...

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What amount should Metro report as inventory at Jan. 31 under moving average and FIFO method, respectively? *

a. Moving average = P 2,640,000; FIFO method = P 1,300,000
b. Moving average = P 3,225,000; FIFO method = P 2,700,000
c. Moving average = P 3,300,000; FIFO method = P 3,975,000
d. Moving average = P 3,900,000; FIFO method = P 3,900,000

During the January of the current year, Metro Company which maintains a perpetual
inventory system, recorded the following information pertaining to its inventory
Units
Unit cost
Bal. Jan. 1
10,000
100
Purchased on Jan. 7
6,000
300
Sold on Jan. 20
9,000
Purchased on Jan. 25
4,000
518.75

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