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An entity sells a new product During a move to a new location, the inventory records iorthe product were misplaced. The bookkeeper has been able to gather some data for the purchases and sales records. The July purchases are as follows: Units Unit cost Total cost July 5 10,000 55 550,000 10 12,000 T0 040,000 15 15,000 50 000,000 25 14,000 55 TT0,000 On July 31, 1?,000 units were on hand. The sales for July amounted to P5,000,000 or 50,000 units at P100 per unit. WCompany has always used a perpetual FIFO inventory costing system. Gross prot on sales for July was P2,400,000. 11. What was the cost of the inventory on July 31? a. 3,50 0, 000 b. 1,5?0,000 c. \"0,000 d. 050,000 12. What was the cost of inventory on July 1'? a. 1,300,000 b. 2,40 0, 000 c 050,000 d. T50,000 13. What is the number of units available on July 1'? a. 34,0 00 b. 25,0 00 c 10 ,0 00 d. 0,00 0 14. At December 31, 2020 mmmpany's inventory records indicated a balance of P 532,000. Upon further investigation it was determined that this amount included the following: a P 112,000 in inventory purchases made by {ghting shipped from the seller December 2?, 2020, terms FDB destination, but not due to be received until January 2, 2021. a P "4,000 in goods sold by Wagwith terms FOB destination on December 2?, 2020. The goods are not expected to reach their destination until January 5, 2021 . a P 5,000 of goods received on consignment from Dollywood Company. What is W; correct ending inventory balance at December 31, 2020'? a. P520,000 b. P525,000 c P440,000 d. P514,000 15. On March 15, a re destroyed Intertock Company's entire retail inventory. The inventory on hand as of January 1 totaled P 1,550,000. From January 1 through the time of the re, the company made purchases of P 583,000, incurred freightin of \"5,000, and had sales of$1,210,000. Assuming the rate of gross prot to selling m is 3000, what is the approximate value of the inventory that was destroyed? a. P2040000 b. P1455000 c P1,554,000 d. P2,411,000 16. Righteous Company provided the following data: Value of biological asset at acquisition cost on December 31, 2020, P 6,000,000 . . Fair valuation surplus on initial recognition at fair value on 12/31/20, P 500,00 Change in fair value on 12/31/20 due to growth and price fluctuation, P 900,000 Decrease in fair value due to harvest, P 100,000 What is the carrying amount of the biological asset on December 31, 2020? a. P7,400,000 P7,300,000 C. P7,500,000 d. P6,500,000 17. Using the same information in number (1), what amount of net gain from the change in fair value of biological assets should be reported in 2020? a. P1,400,000 P1,300,000 P900,000 P800,000 18. Tamaraw Company purchased cattle at an auction for P 300,000 on July 1, 2020. Cost of transporting the cattle back to the company's farm was P 3,000 and the company would have to incur cost similar transportation cost if it was to sell the cattle in the auction in addition to auctioneer's fee of 2% of sales price On December 31, 2020, after taking into account the location, the fair value of the biological assets had increased to P 500,000 (that is, the market price including the cost of transporting the asset). What amount should be the biological assets be initially recognized? a. P291,000 b . P294,000 C. d. P297,000 P300,000 19. Using the same information in number (8), what amount should the biological assets be reported in the December 31, 2020 statement of financial position? a. P487,000 b . P490,000 C. P497,000 d. P500,000 20. Using the same information in number (8), what amount of gain or loss should the company include in the statement of comprehensive income due to the change in the fair value of the biological assets? a. P193,000 b . P196,000 C. P200,000 d. P209,00021. Reverend Company acquired a new processing machine at the beginning of current year. Invoice cost - terms 5/10, n/30, P 1,600,000 Cost of transportation, P 50,000 Cost of installation, P 50,000 Payment for strengthening the floor to support the weight of the new machine, P 150,000 The chief engineer spent two-thirds of his time during trial run of the new machine. The monthly salary is P 60,000. During the year, the entity was granted a cash allowance of P 100,000 by the supplier because the machine proved to be of less than standard performance capability. The operator of the old machine who was laid off due to the acquisition of the new machine was paid a gratuity of P 30,000 What amount should be the capitalized cost of the new machine? a. P1,560,000 P1,640,000 P1,710,000 P1,590,000 22. A purchase of equipment for P18,000 also involved freight charges of P 500 and installation costs of P 2,500. The estimated salvage value and useful life are P 2,000 and 4 years, respectively. Under the straight-line method, annual depreciation expense will be a. P4,750 b. P4,500 P4, 125 d P4,625 23. Kakadu Lid purchased land for P 80,000. The company also paid P 12,000 in accrued taxes on the property, incurred P 5,000 to remove an old building and received P 2,000 from the salvage of the old building. The land will be recorded at a. P80,000 P95,000 P92,000 d P83,000 24. On January 1, 2020, Domino Company purchased a new machine for P 4,000,000. The new machine has an estimated useful life of eight years and the residual value was estimated to be P 400,000. Depreciation was computed on the sum of the years' digit method. What is the carrying amount of the machine on December 31, 2021? a. P2,100,000 b. P2,500,000 P1, 150,000 d P3,300,000 25. At the beginning of the current year, Handsome Company purchased a mineral mine for P 36,000,000 with removable ore estimated by geological survey at 2, 160,000 tons. The property has an estimated value of P 3,600,000 after the ore has been extracted. The entity incurred P 10,800,000 of development costs preparing the property for the extraction of ore. During the current year, 270,000 tons were removed, and 240,000 tons were sold. a. P3,600,000 b. P4,050,000 P4,800.000 P5,400,000