The following data were taken from the accounting records of Wrecking Balls, Inc Balance at January 1, 2022; 5,000 balls @ P20 Purchases: January 10, 2022; 3,200 balls @ P25 January 15, 2022; 5,000 balls @ P28 Sales: January 5, 2022; 4,500 balls January 20, 2022; 5,200 balls If Wrecking Ball uses a periodic inventory system, the cost of the inventory using first-in, first-out cost flow assumption at January 31, 2022 is?
The following data were taken from the accounting records of Wrecking Balls, Inc Balance at January 1, 2022; 5,000 balls @ P20 Purchases: January 10, 2022; 3,200 balls @ P25 January 15, 2022; 5,000 balls @ P28 Sales: January 5, 2022; 4,500 balls January 20, 2022; 5,200 balls If Wrecking Ball uses a periodic inventory system, the cost of the inventory using first-in, first-out cost flow assumption at January 31, 2022 is?
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 5MC: The moving average inventory cost flow assumption is applicable to which of the following inventory...
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The following data were taken from the accounting records of Wrecking Balls, Inc
Balance at January 1, 2022; 5,000 balls @ P20
Purchases:
January 10, 2022; 3,200 balls @ P25
January 15, 2022; 5,000 balls @ P28
Sales:
January 5, 2022; 4,500 balls
January 20, 2022; 5,200 balls
If Wrecking Ball uses a periodic inventory system, the cost of the inventory using first-in, first-out cost flow assumption at January 31, 2022 is?
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If Wrecking Ball uses a periodic inventory system, the cost of the inventory using the periodic average cost flow assumption at January 31, 2022 is?
a. P78,960
b. P98,000
c. P84,840
d. P98,240
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