What is the journal entry to record the adjustment to ending inventory taking into account the result of physical inventory count?

What is the journal entry to record adjustment for inventory writedown?

How much will be presented as the cost of good sold in the statement of financial performance?

Provide the presentation of merchandise inventory in the statement of financial position.

Problem 1 At the beginning of the year, an entity reported beginning inventory of 40,000 units with P30 cost per unit and allowance for inventory write-down of P400,000. It also provided the following inventory purchases for the current year: Units 1" quarter purchases 33 P1,980,000 2nd quarter purchases 80,000 35 2,800,000 30 quarter purchases 100,000 3,800,000 4h quarter purchases 20,000 900,000 260,000 P9,480,000 Unit cost Total Cost 60,000 38 45 During the current year, 200,000 units were sold at P75 per unit. At year end, a physical inventory count revealed that 95,000 units were on hand. The entity was also able to determine the estimated selling price less cost to sell at P36 per unit. The entity is using a perpetual FIFO inventory system. Required: A. What is the journal entry to establish the ending inventory? B. What is the journal entry to record the adjustment to ending inventory taking into account the result of physical inventory count? C. What is the journal entry to record the adjustment for inventory write-down? D. How much will be presented as Cost of Goods Sold in the statement of financial performance? E. Provide for the presentation of merchandise inventory in the statement of financial position. Problem 1 At the beginning of the year, an entity reported beginning inventory of 40,000 units with P30 cost per unit and allowance for inventory write-down of P400,000. It also provided the following inventory purchases for the current year: Units 1" quarter purchases 33 P1,980,000 2nd quarter purchases 80,000 35 2,800,000 30 quarter purchases 100,000 3,800,000 4h quarter purchases 20,000 900,000 260,000 P9,480,000 Unit cost Total Cost 60,000 38 45 During the current year, 200,000 units were sold at P75 per unit. At year end, a physical inventory count revealed that 95,000 units were on hand. The entity was also able to determine the estimated selling price less cost to sell at P36 per unit. The entity is using a perpetual FIFO inventory system. Required: A. What is the journal entry to establish the ending inventory? B. What is the journal entry to record the adjustment to ending inventory taking into account the result of physical inventory count? C. What is the journal entry to record the adjustment for inventory write-down? D. How much will be presented as Cost of Goods Sold in the statement of financial performance? E. Provide for the presentation of merchandise inventory in the statement of financial position