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Chapter 7 Activity/Assignment: 1. Entity A, A Government Entity, Is A Wholesaler of Product A, A Non-Unique Good

Entity A is a government wholesaler of a non-unique good called Product A. The document provides Product A's inventory activity for July, including beginning inventory, purchases, and sales with unit amounts and costs. Based on the transactions listed, the ending inventory for Product A on July 31 was 4,200 units with a total cost of ₱158,736.

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Randelle James Fiesta
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248 views

Chapter 7 Activity/Assignment: 1. Entity A, A Government Entity, Is A Wholesaler of Product A, A Non-Unique Good

Entity A is a government wholesaler of a non-unique good called Product A. The document provides Product A's inventory activity for July, including beginning inventory, purchases, and sales with unit amounts and costs. Based on the transactions listed, the ending inventory for Product A on July 31 was 4,200 units with a total cost of ₱158,736.

Uploaded by

Randelle James Fiesta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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CHAPTER 7 ACTIVITY/ASSIGNMENT

1. Entity A, a government entity, is a wholesaler of Product A, a non-unique good.


The activity for Product A during July is shown below:
Balance/
Date Transaction Units Cost
July 1 Inventory 2,000 ₱36.00
7 Purchase 3,000 37.00
12 Sales 3,600
21 Purchase 5,000 37.88
22 Sales 3,800
29 Purchase 1,600 38.11
How much is the ending inventory on July 31?

Ans. 158,736
Solution:

Date Transaction Units Cost Total cost


July 1 Inventory 2,000 ₱36.00 72,000
7 Purchase 3,000 37.00 111,000
Total 5,000 36.60 183,000
12 Sales (3,600) 36.30 (131,760)
21 Purchase 5,000 37.88 189,400
Total 6,400 37.60 240,640
22 Sales (3,800) 37.60 (142,880)
29 Purchase 1,600 38.11 60,976
Ending Inventory 4,200 158,736

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