Question
1. BSA Company had 12,000 units of product A on hand at January 1, costing P22 each. Purchases of product A during the month of
1. BSA Company had 12,000 units of product A on hand at January 1, costing P22 each. Purchases of product A during the month of January were: Jan 10 - 17,000 units at P23; Jan. 19 - 22,000 units at P24; Jan. 29 - 7,000 units at P25. A physical count on January 31 showed 22,000 units of product A on hand. What is the amount of cost of goods sold during January under the FIFO method?
2.BSA Company had 12,000 units of product A on hand at January 1, costing P25 each. Purchases of product A during the month of January were: Jan 10 - 17,000 units at P24; Jan. 19 - 22,000 units at P23; Jan. 29 - 7,000 units at P25. A physical count on January 31 showed 22,000 units of product A on hand. What is the amount of inventory at January 31 under the simple average method?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Public Sector Audit
Authors: Carolyn J. Cordery, David C. Hay
1st Edition
0367650622, 9780367650629
