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Reversal of write-down Use the following information for the next two questions: ABC Co. has the following comparative information regarding its inventories. 20x2 20x1 Inventory, December 31 at cost 30,000 24,000 Inventory, December 31 at NRV 33,000 22,000 Cost of goods sold before adjustments 180,000 200.000 ABC recognizes write-downs of inventories in cost of goods sold. 37. How much is the cost of goods sold in 20x1? 20 a. 200,000 b. 202,000 c. 198,000 d. 220,000 PMECPAR Inventory 38. How much is the cost of goods sold in 20x2? 178.000 177.000 182.000 d. 183.000ABC Co. buys and sells products A & B. The following unit costs are available for the inventory as of December 31, 20x1: (All costs are borne by ABC Co.) A B Number of units 2,000 3,000 Purchase cost per unit P125 P 190 Delivery cost from supplier 10 30 Estimated selling price 150 250 Selling costs 22 28 General and administrative 15 18 How much total inventory shall be reported in the 20x1 financial statements? a. 916,000 b. 930,000 c. 936,000 d. 696,000 Uploaded by: iantuutReversal of write-down Use the following information for the next two questions: ABC Co. has the following comparative information regarding its inventories. 20x2 20x1 Inventory, December 31 at cost 30,000 24,000 Inventory, December 31 at NRV 33,000 22,000 Cost of goods sold before adjustments 180,000 200,000 ABC recognizes write-downs of inventories in cost of goods sold. 37. How much is the cost of goods sold in 20x1? a. 200,000 b. 202,000 c. 198,000 d. 220,000Write-down of raw materials 18. The raw materials inventory of ABC Co. on December 31, 20x1 have a cost of P20,000 and an estimated net realizable value of P18,000. Information on finished goods are as follows: Cost. P250,000 NRV P280,000 How much is the total inventory on December 31, 20x1? a. 268,000 b. 270,000 c. 298,000 d. 300,000