The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows: Beginning Inventory: At cost – P650,000; At retail – P1,075,000 Purchases during the period: At cost – P2,450,000; At retail – P3,025,000 Freight in – P50,000; Net markup – P400,000; Net markdown – P300,000 Net sales during the period – P3,880,000 f Illumina uses the first-in, first-out basis, what is the ending inventory at estimated cost?
The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows: Beginning Inventory: At cost – P650,000; At retail – P1,075,000 Purchases during the period: At cost – P2,450,000; At retail – P3,025,000 Freight in – P50,000; Net markup – P400,000; Net markdown – P300,000 Net sales during the period – P3,880,000 f Illumina uses the first-in, first-out basis, what is the ending inventory at estimated cost?
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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The inventory and purchases data of Illumina Company for the last quarter
of 2013 are as follows:
Beginning Inventory: At cost – P650,000; At retail – P1,075,000
Purchases during the period: At cost – P2,450,000; At retail – P3,025,000
Freight in – P50,000; Net markup – P400,000; Net markdown – P300,000
Net sales during the period – P3,880,000
f Illumina uses the first-in, first-out basis, what is the ending inventory at estimated
cost?
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