Roundta respect to cost of goods sold for the current year: any reported the following information with Units Historical cost Inventòry – January 1 Purchases 10,000 45,000 530,000 2,790,000 Goods available for sale Inventory - December 31 55,000 (15,000) 40,000 3,320,000 ( 945,000) Cost of goods sold 2,375,000 The current cost per unit of inventory was P58 on January 1 and P72 on December 31. 1. In the statement of financial position restated to current cost, what amount should be reported as inventory on December 31? a. 1,080,000 b. 2,880,000 975,000 d. 870,000. с. 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210,000 b. 135,000 560,000 d. с. 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2,320,000 b. 2,880,000 c. 2,600,000 d. 2,375,000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? а. 225,000 b. 135,000 CS @ca350,000th CamScanner d. 505,000
Roundta respect to cost of goods sold for the current year: any reported the following information with Units Historical cost Inventòry – January 1 Purchases 10,000 45,000 530,000 2,790,000 Goods available for sale Inventory - December 31 55,000 (15,000) 40,000 3,320,000 ( 945,000) Cost of goods sold 2,375,000 The current cost per unit of inventory was P58 on January 1 and P72 on December 31. 1. In the statement of financial position restated to current cost, what amount should be reported as inventory on December 31? a. 1,080,000 b. 2,880,000 975,000 d. 870,000. с. 2. What amount should be reported as unrealized holding gain on inventory for the current year? a. 210,000 b. 135,000 560,000 d. с. 3. In the income statement restated to current cost, what amount should be reported as cost of goods sold for the current year? a. 2,320,000 b. 2,880,000 c. 2,600,000 d. 2,375,000 4. In the income statement restated to current cost, what amount should be reported as realized holding gain from the inventory sold for the current year? а. 225,000 b. 135,000 CS @ca350,000th CamScanner d. 505,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter13: Accounting For Merchandise Inventory
Section: Chapter Questions
Problem 1MP: Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2,...
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