question archive Company A provided the following data: P 500,000 770,000 3,070,000 4,300,000 70,000 45,000 Beginning inventory Cost Selling price Purchases: Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales return Sales discount Markup Markdown Cancelation of markup Cancelation of markdown Sales 25,000 40,000 80,000 20,000 100,000 350,000 30,000 10,000 4,000,000 Determine estimated cost of ending inventory under: (1) LCNRV approach (2) Average cost approach (3) FIFO approach
Company A provided the following data: P 500,000 770,000 3,070,000 4,300,000 70,000 45,000 Beginning inventory Cost Selling price Purchases: Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales return Sales discount Markup Markdown Cancelation of markup Cancelation of markdown Sales 25,000 40,000 80,000 20,000 100,000 350,000 30,000 10,000 4,000,000 Determine estimated cost of ending inventory under: (1) LCNRV approach (2) Average cost approach (3) FIFO approach
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Company A provided the following data: P 500,000 770,000 3,070,000 4,300,000 70,000 45,000 Beginning inventory Cost Selling price Purchases: Cost Selling price Transportation in Purchase discount Purchase return: Cost Selling price Sales return Sales discount Markup Markdown Cancelation of markup Cancelation of markdown Sales 25,000 40,000 80,000 20,000 100,000 350,000 30,000 10,000 4,000,000 Determine estimated cost of ending inventory under: (1) LCNRV approach (2) Average cost approach (3) FIFO approach
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