FIFO inventory method: What is the gross sales for the month is? The gross profit on sales is?The amount of inventory on December 31, 2019 is?BalanceDecember 14,000 units at P 253,000 units at P 263500 units at P281, 500 units at P 27December 4December 15December 25December 16 ( December 15purchase)December 3PurchasesPurchase return300 unitsSales:3,000 units at P 352,000 units at P 361,000 units at P 37December 16December 28Sales returnDecember 17 (December 16 sale)200 units

FIFO is the first in first out inventory method in which inventory purchased first will be sold…

FIFO inventory method: What isthe gross sales for the month is? The gross profit on sales is? The amount of inventory on December 31, 2019 is? December 1 December 4 December 15 December 25 December 16 ( December 15 purchase) December 3 4,000 units at P 25 3,000 units at P 26 3,500 units at P 28 1, 500 units at P 27 Balance Purchases Purchase return 300 units Sales: 3,000 units at P 35 2,000 units at P 36 1,000 units at P 37 December 16 December 28 Sales return December 17 (December 16 sale) 200 units

FIFO inventory method: What isthe gross sales for the month is? The gross profit on sales is? The amount of inventory on December 31, 2019 is? December 1 December 4 December 15 December 25 December 16 ( December 15 purchase) December 3 4,000 units at P 25 3,000 units at P 26 3,500 units at P 28 1, 500 units at P 27 Balance Purchases Purchase return 300 units Sales: 3,000 units at P 35 2,000 units at P 36 1,000 units at P 37 December 16 December 28 Sales return December 17 (December 16 sale) 200 units

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...

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