Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company provided the following information: Purchases during June: at cost, P3,800,000; at retail, P5,200,000. Sales during June: P4,800,000. Inventory June 1: at cost, P550,000; at retail, P820,000. Estimate the ending inventory for June under FIFO cost basis. * D 888,900 D 890,600 O 905,098 D 892,550

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the
company provided the following information:
Purchases during June: at cost, P3,800,000; at retail, P5,200,000.
Sales during June: P4,800,000.
Inventory June 1: at cost, P550,000; at retail, P820,000.
Estimate the ending inventory for June under FIFO cost basis. * G
O 888,900
O 890,600
O 905,098
O 892,550
Transcribed Image Text:Jungkook Inc. uses the retail method of inventory. At the end of June, the records of the company provided the following information: Purchases during June: at cost, P3,800,000; at retail, P5,200,000. Sales during June: P4,800,000. Inventory June 1: at cost, P550,000; at retail, P820,000. Estimate the ending inventory for June under FIFO cost basis. * G O 888,900 O 890,600 O 905,098 O 892,550
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