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1). Himala reported the December 31, 2023 inventory at P3,000,000. Himala revealed the following transactions: . Goods shipped to Himala FOB destination on December 26, 2023 were received on January 2, 2024. The invoice cost of P350,000 is included in the preliminary inventory balance. . At year-end, Himala held P250,000 of merchandise on consignment from another entity. This merchandise is included in the preliminary inventory balance. . On December 29, 2023 merchandise costing P250,000 was shipped to a customer FOB shipping point and arrived at the customer location on January 3, 2024. The merchandise is included in the preliminary inventory balance. What amount should be reported as inventory on December 31, 2023? A. 2,400,000 B. 2,500,000 C. 2,150,000 D. 2,750,000 During 2023, Center Company signed a noncancellable contra to purchase 500 sacks of rice at P900 per sack with delivery to be made in 2024. On December 31, 2023, the price of rice had fallen to P850 per sack. On May 9, 2024, Center Company accepts delivery of rice when the price is P880 per sack. 2) In December 31, 2023 income statement, what amount of loss on purchase commitment should be recognized? A. 15,000 B. 10,000 C. 25,000 D. O 3) What amount of recovery of loss on purchase commitment should Center recognize on May 9, 2024? A. 10,000 B. 15,000 C. 25,000 D. O4. Information pertaining to the inventory of Mazomi Company as of December 31, 2022 follows: Tabo Timba Balde Historical cost 2,000,000 2,500,000 3,500,000 Estimated selling price 2,200,000 3,600,000 4,000,000 Estimated cost of disposal 300,000 800,000 600,000 Normal profit margin 440,000 720,000 800,000 Current replacement cost 2,500,000 3,000,000 2,700,000 What amount should the inventory be valued on December 31, 2022? A. 8,000,000 B. 8,100,000 C. 7,700,000 D. 7,800,000 Records of the Brayden New Products Co. show the following data relative to Product 143: Units Unit cost Total cost April 1 balance 20,000 10 200,000 Apr. 2 Purchase 30,000 12 360,000 Apr. 4 Sale 25,000 Apr. 10 Purchase 15,000 14 210,000 Apr. 15 Sale 21,000 Apr. 17 Sales return 1,000 Apr. 28 Purchase 20,000 16.75 335,000 5) Using the moving average method, how much is the cost of inventory at the end of April? A. 580,000 B. 605,000 C. 520,000 D. 525,000 6) Using the moving average method, how much is the cost of goods sold in April? A. 525,000 B. 500,000 C. 585,000 D. 520,000 7) Using the weighted average method, how much is the cost of inventory at the end of April? A. 580,000 B. 605,000 C. 520,000 D. 525,00