Reference no: EM132918569

The inventory records of Rockwell Club, Inc. could not be located because theaccountant quit without formal turnover of records. In order to reconstruct the inventory at the beginning, the store manager gathered the following data from their sales records for the month of January:

                                              Units                  Unit Price
January Sales                  160,500                 P12.00
January purchases:
January 4                        30,000                     7.80
January 10                       37,500                    7.50
January 16                       45,000                    7.20
January 24                        42,000                     7.40

As of January 31, 45,000 units were on hand. Rockwell's gross profit on sale for January was P738,600. The company uses a periodic FIFO inventory costing system.

Required:

Problem 1: What was the total cost and the unit average cost of the January 1, inventory?