Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and
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Question:
Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost of goods sold during March.
Mar 1Beginning Inventory68 units @ P15.00 per unit
5Purchase140 units @ P15.50 per unit
9Sale94 units @ P19.00 per unit
11Purchase40 units @ P16.00 per unit
16Purchase78 units @ P16.50 per unit
20Sale116 units @ P19.50 per unit
29Sale62 units @ P21.00 per unit
1.) Under periodic inventory method, how much is the cost per unit?
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