On January 2020, Tony Corporation has the following inventory purchases: January 2 Bought 5,750 units at a total amount of P7,500 January 7 Bought 5,100 units at a total amount of P5,850 January 15 Bought 7,600 units at a total amount of P6,300 January 25 Bought 6,600 units at a total amount of P4,950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Using the FIFO inventory method, what is the value of the ending inventory on January 30?

On January 2020, Tony Corporation has the following inventory purchases: January 2 Bought 5,750 units at a total amount of P7,500 January 7 Bought 5,100 units at a total amount of P5,850 January 15 Bought 7,600 units at a total amount of P6,300 January 25 Bought 6,600 units at a total amount of P4,950 A physical count of inventory on January 30 reveals that there are 1,000 units on hand. Using the FIFO inventory method, what is the value of the ending inventory on January 30?

Name: On January 2020, Tony Corporation has the following inventory purchase
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Description: On January 2020, Tony Corporation has the following inventory purchases:January 2 Bought 5,750 units at a total amount of P7,500January 7 Bought 5,100 units at a total amount of P5,850January 15 Bought 7,600 units at a total amount of P6,300January 2

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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