6. Tudors, Inc. purchases and resells a single item ofproduct. Inventory at the beginning of September2017 was 400 units, values at P1.80 each. Furtherreceipts and sales during the month were as follows:UnitsPesos Per UnitSept. 8Sept. 14Sept. 25ReceiptsReceipts600P2.10500?Sales1,2504.00The company uses the FIFO. Gross margin forSeptember was P2,500.What was the cost per unit of the 500 units receivedon Sept. 14?P2.08а.b. P2.00С.P1.94d. P1.04

The FIFO method states that units that are purchased first are to be sold first. The cost per unit…

Tudors, Inc. purchases and resells a single item of product. Inventory at the beginning of September 2017 was 400 units, values at P1.80 each. Further receipts and sales during the month were as follows: Pesos Per Unit Units Sept. 8 Sept. 14 Sept. 25 Receipts Receipts Sales 600 P2.10 500 ? 1,250 4.00 The company uses the FIFO. Gross margin for September was P2,500.

Tudors, Inc. purchases and resells a single item of product. Inventory at the beginning of September 2017 was 400 units, values at P1.80 each. Further receipts and sales during the month were as follows: Pesos Per Unit Units Sept. 8 Sept. 14 Sept. 25 Receipts Receipts Sales 600 P2.10 500 ? 1,250 4.00 The company uses the FIFO. Gross margin for September was P2,500.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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