Problem 1: Monami Company uses the weighted average method to determine the cost of its...
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Accounting
Problem 1:
Monami Company uses the weighted average method to determine the cost of its inventory. Monami recorded the following information pertaining to its inventory:
Units
Units cost
Total cost
Balance 1/1
160,000
60
P9,600,000
Sold on 1/15
140,000
Purchased on 1/31
80,000
90
7,200,000
What amount of inventory should Monami report in its January 31, 2021 statement of financial position using the perpetual inventory system?
Perpetual
A.
P 8,400,000
B.
P 7,000,000
C.
P 8,400,000
D.
P 7,000,000
What amount of inventory should Monami report in its January 31, 2021 statement of financial position using the periodic inventory system?
Periodic
A.
P 7,000,000
B.
P 8,400,000
C.
P 7,500,000
D.
P 7,500,000
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