Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.?Choices For Periodic system/FIFO Method:a. P59,000b. P57,000c. P61,600d. P60,210Choices for Perpetual System/FIFO Method:a. P59,000b. P57,000c. P61,600d. P60,210 9. Beginning inventory, purchases, and sales data for portable MP3 players are as follows:UnitsAmount2,200 units2,300 units3,000 unitsP44,00050,60090,00015,00095,00019,000Dec. 1 Beginning inventory@ P20Purchases@ P229.Sales@ P3019Sales return500 units@ Р3022Purchase5,000 units@ P191,000 units3,500 units23Purchase return@ P1928 Sales@ Р35122,50029Sales return500 units@ P3517,500

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Description: Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as

Perpetual inventory valuation indicates the valuation of inventory balance after each transaction…

Answered: Question: Using Periodic system and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much.

Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.?

Choices For Periodic system/FIFO Method:

a. P59,000

b. P57,000

c. P61,600

d. P60,210

Choices for Perpetual System/FIFO Method:

a. P59,000
b. P57,000
c. P61,600
d. P60,210

9. Beginning inventory, purchases, and sales data for portable MP3 players are as follows:
Units
Amount
2,200 units
2,300 units
3,000 units
P44,000
50,600
90,000
15,000
95,000
19,000
Dec. 1 Beginning inventory
@ P20
Purchases
@ P22
9.
Sales
@ P30
19
Sales return
500 units
@ Р30
22
Purchase
5,000 units
@ P19
1,000 units
3,500 units
23
Purchase return
@ P19
28 Sales
@ Р35
122,500
29
Sales return
500 units
@ P35
17,500

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