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Mika Corporation uses FIFO method to calculate the value of Inventory on hand on March 31 and cost of goods sold during March.
Mar
1 Beginning Inventory68 units @ P15.00 per unit 5 Purchase140 units @ P15.50 per unit 9 Sale94 units @ P19.00 per unit 11 Purchase40 units @ P16.00 per unit 16 Purchase78 units @ P16.50 per unit 20 Sale116 units @ P19.50 per unit Sale62 units @ P21.00 per unit Problem 1: Under periodic inventory method, how much will be the cost of the ending inventory?
Problem 2: Under periodic inventory method, how much is the cost per unit?
Problem 3: Under perpetual inventory method, how much will be the cost of ending inventory?
Find Why do need to use factory overhead application rate? Determine over- or under applied overhead for year. Compute factory overhead application rate.
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