LOVING-KINDNESS Corp’s inventory records revealed the following: Date Transaction Number of Units Unit Cost August 1 Beginning inventory 500 P8.50 August 20 Purchase 400 P8.90 The company sold 700 units of inventory during the month. The company uses weighted-average costing. What is cost of the ending inventory? Round weighted-average unit cost to four decimals and final answer to the nearest whole peso.
LOVING-KINDNESS Corp’s inventory records revealed the following: Date Transaction Number of Units Unit Cost August 1 Beginning inventory 500 P8.50 August 20 Purchase 400 P8.90 The company sold 700 units of inventory during the month. The company uses weighted-average costing. What is cost of the ending inventory? Round weighted-average unit cost to four decimals and final answer to the nearest whole peso.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.10AMCP
Related questions
Question
LOVING-KINDNESS Corp’s inventory records revealed the following:
| Date | Transaction | Number of Units | Unit Cost |
| August 1 | Beginning inventory | 500 | P8.50 |
| August 20 | Purchase | 400 | P8.90 |
The company sold 700 units of inventory during the month. The company uses weighted-average costing. What is cost of the ending inventory? Round weighted-average unit cost to four decimals and final answer to the nearest whole peso.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,