Reference no: EM132835305
A fire destroyed the records of Mimiyuuh Company. However, the bookkeeper was able to salvage some data pertaining to July purchases:
July 5: 10,000 units @ 65 unit cost = 650,000
July 10: 12,000 units @ 70 unit cost = 840,000
July 15: 15,000 units @ 60 unit cost = 900,000
July 25: 14,000 units @ 55 units cost = 770,000
Problem 1: By end of July, 17,000 units were still on hand. Mimiyuuh uses the perpetual FIFO inventory costing system. Sales for July amounted to P6,000,000 (60,000 units at P100 price). Gross profit for July is determined to be P2,400,000. How much is the inventory on July 1?
Option 1: 1,390,000
Option 2: 2,400,000
Option 3: 950,000
Option 4: 760,000
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