Problem 11-2 (ACP) Furlough Company began operations at the beginning of current year with 10,000 units of merchandise with unit cost of P80. Purchases for the current year follow: Unit cost Units Lot No. 2,000 8,000 6,000 9,500 14,500 100 110 120 100 90 The physical inventory revealed 15,000 units on hand at year-end. Required: Compute inventory cost at year-end and cost of goods sold for the year following each method listed below. 1. FIFO periodic 2. Weighted average periodic 3. Specific identification (assuning the inventory comes frob Lot 3, 6,000 units, and Lot 4, 9,000 units). 12345

Problem 11-2 (ACP) Furlough Company began operations at the beginning of current year with 10,000 units of merchandise with unit cost of P80. Purchases for the current year follow: Unit cost Units Lot No. 2,000 8,000 6,000 9,500 14,500 100 110 120 100 90 The physical inventory revealed 15,000 units on hand at year-end. Required: Compute inventory cost at year-end and cost of goods sold for the year following each method listed below. 1. FIFO periodic 2. Weighted average periodic 3. Specific identification (assuning the inventory comes frob Lot 3, 6,000 units, and Lot 4, 9,000 units). 12345

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Description: 3. Specific identification (assuming the inventory comes fromProblem 11-2 (ACP)Furlough Company began operations at the beginning ofcurrent year with 10,000 units of merchandise with unit costof P80. Purchases for the current year follow:Unit costUn

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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