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Question - Information with respect to GMA Company's cost of goods sold for 2020 is:
Units
Historical Cost
Inventory-January 1
10,000
530,000
Purchases
45,000
2,790,000
Goods Available for sale
55,000
3,320,000
Inventory - December 31
(15,000)
(945,000)
Cost of goods sold
40,000
2,375,000
GMA estimates that the current cost per unit of inventory was P58 on January 1, 2020 and P72 on December 31, 2020.
1. In the statement of financial position restated to current cost, what amount should be reported as inventory on December 31, 2020?
2. What is the unrealized holding gain on inventory on December 31, 2020? 135,000 prove the answer.
3. In the current cost income statement for 2020, what is the realized holding gain? 225,000 prove the answer.
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