During January 2020, ABC Company which maintains a perpetual inventory system, recorded the following information pertaining to its inventory: UNITS UNIT COST TOTAL COST BALANCE Balance on 01/01/20 1,000 P40 P40, 000 1,000 Purchased on 01/04/20 |600 P120 P72, 000 1,600 Sold on 01/20/20 900 700 Purchased on 01/25/20 400 P200 P80, 000 1,100 Under the moving average method, what amount should be reported as inventory at January 31, 2020?
During January 2020, ABC Company which maintains a perpetual inventory system, recorded the following information pertaining to its inventory: UNITS UNIT COST TOTAL COST BALANCE Balance on 01/01/20 1,000 P40 P40, 000 1,000 Purchased on 01/04/20 |600 P120 P72, 000 1,600 Sold on 01/20/20 900 700 Purchased on 01/25/20 400 P200 P80, 000 1,100 Under the moving average method, what amount should be reported as inventory at January 31, 2020?
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 6E: Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are as follows:...
Related questions
Topic Video
Question
What is the correct answer?
A. P129,000
B. P135,000
C. P112,000
D. P127,600
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning