Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item of inventory purchased are as follows: A-P4,000,000, B-P3,000,000, C-P2,000,000, D – P1,000,000. How much is the cost to be allocated to Inventory C?
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3. Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item of inventory purchased are as follows: A-P4,000,000, B-P3,000,000, C-P2,000,000, D – P1,000,000. How much is the cost to be allocated to Inventory C?
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- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost of finished goods- P 150,000; Delivery to customers-P30,000, Irrecoverable purchase taxes - P83,000. At what amount should the inventory be measured?44 On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000. Some of the costs incurred in connection with the acquisition of the goods were as follows: Import duties, P160,000; transportation costs, P80,000; and handling costs, P40,000. These goods were received on December 31, 2022. In Pancit’s December 31, 2022 balance sheet, at what amount should these goods be included in inventory?
- APOL Company provided the following information related to the ending inventory of its Product X: Historical Cost – P6,800; Replacement cost – P7,000; Selling Price – P10,000; Cost to sell – P1,200; Cost to complete – P1,500. APOL measures its inventory at lower of cost and net realizable value. At what amount should the company’s inventory be reported in its Statement of Financial Position? 7,300 7,000 6,800 5,500Ethel uses the estimated net realizable value method to allocate the joint cost. 1. The cost of Product E sold for the year ended July 31, 2021. a. 1,470,000 b. 990,000 c. 1,350,000 d. 1,440,000 2. The cost of ending inventory for Product D is a. 180,000 b. 225,000 c. 540,000 d. 270,000 3. The Gross Profit (Loss) of Product F is: a. 168,750 b. 101, 250 c. (483,750) d. 1,226,25032.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000. At what amount should ABC recognize as cost of the inventory under the gross method? 91,807 93,807 93,650 95,650
- Chicago Company has two products in the inventory. Selling price 2,000,000 3,000,000 Materials and conversion costs 1,500,000 1,800,000 General administration costs 300,000 800,000 Estimated selling costs 600,000 700,000 Required:a. What amount should be reported as inventory using the LCNRV individual approach?b. What amount should be reported as inventory using the LCNRV total approach?15.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000. At what amount should ABC recognize as cost of the inventory under the net method? 91,807 93,807 93,650 95,650An item of inventory was purchased by company X for £500. Company X expects to sell the inventory for£700 and has to date incurred conversion costs of £130. A further £60 is expected to be incurred. Salesstaff will receive a commission of 4% from the sale.Compute the value at which this inventory item will be measured in company X’s statement of financialposition.
- Poe, Co. uses LIFO for its inventory valuation. The original cost of Item #BB-8, the only inventory item of Poe, was $12,000. The current selling price and replacement cost are $13,500 and $9,500, respectively. Costs to sell are estimated to be $2,700. The normal profit margin is 10% of the original cost.The following information applies to Alberta, Inc for 2020: Products acquired for resale, P400,000; Products acquired for use in the business, P1,000,000; Freight in, P10,000; Freight out, P5,000. How much is Alberta’s inventoriable cost of inventory? The unadjusted inventory of Kalayaan Company at December 31, 2020 was P6,000,000. Other information follows: How much should Kalayaan report as inventory in its December 31, 2020 balance sheet?FOREVER Inc purchased P200,000 worth of goods with trade discount of 15% and 10% from the list price. Freight charges is P5,000 and payment terms is 2/10, n/30. What is the cost of inventory?
