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Problem 1: Monami Company uses the weighted average method to determine the cost of its...

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Question

Accounting

Problem 1:

Monami Company uses the weighted average method to determine the cost of its inventory. Monami recorded the following information pertaining to its inventory:

Units

Units cost

Total cost

Balance 1/1

160,000

60

P9,600,000

Sold on 1/15

140,000

Purchased on 1/31

80,000

90

7,200,000

  1. What amount of inventory should Monami report in its January 31, 2021 statement of financial position using the perpetual inventory system?

Perpetual

A.

P 8,400,000

B.

P 7,000,000

C.

P 8,400,000

D.

P 7,000,000

  1. What amount of inventory should Monami report in its January 31, 2021 statement of financial position using the periodic inventory system?

Periodic

A.

P 7,000,000

B.

P 8,400,000

C.

P 7,500,000

D.

P 7,500,000

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