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On January 2020, Roel Corp. Has the following inventory purchases                                                             Units             Amount                       Jan. 2               25,750        P7,500                              7                  5,100          5,850                             15                 7,600          6,300                              25                6,600          4,950   A physical count of inventory on January 30 reveals that there are 1,000 units on hand.   Using the FIFO inventory method, what is the value of inventory allocated,  charged to cost of goods sold on January?

On January 2020, Roel Corp. Has the following inventory purchases                                                             Units             Amount                       Jan. 2               25,750        P7,500                              7                  5,100          5,850                             15                 7,600          6,300                              25                6,600          4,950   A physical count of inventory on January 30 reveals that there are 1,000 units on hand.   Using the FIFO inventory method, what is the value of inventory allocated,  charged to cost of goods sold on January?

Intermediate Accounting: Reporting And Analysis
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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On January 2020, Roel Corp. Has the following inventory purchases                                                             Units             Amount

                      Jan. 2               25,750        P7,500

                             7                  5,100          5,850

                            15                 7,600          6,300

                             25                6,600          4,950

 

A physical count of inventory on January 30 reveals that there are 1,000 units on hand.

 

Using the FIFO inventory method, what is the value of inventory allocated,  charged to cost of goods sold on January? 

 
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