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The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows: Beginning Inventory: At cost – P650,000; At retail – P1,075,000 Purchases during the period: At cost – P2,450,000; At retail – P3,025,000 Freight in – P50,000; Net markup – P400,000; Net markdown – P300,000 Net sales during the period – P3,880,000 f Illumina uses the first-in, first-out basis, what is the ending inventory at estimated cost?

The inventory and purchases data of Illumina Company for the last quarter of 2013 are as follows: Beginning Inventory: At cost – P650,000; At retail – P1,075,000 Purchases during the period: At cost – P2,450,000; At retail – P3,025,000 Freight in – P50,000; Net markup – P400,000; Net markdown – P300,000 Net sales during the period – P3,880,000 f Illumina uses the first-in, first-out basis, what is the ending inventory at estimated cost?

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 11E
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The inventory and purchases data of Illumina Company for the last quarter
of 2013 are as follows:
Beginning Inventory: At cost – P650,000; At retail – P1,075,000
Purchases during the period: At cost – P2,450,000; At retail – P3,025,000
Freight in – P50,000; Net markup – P400,000; Net markdown – P300,000
Net sales during the period – P3,880,000

f Illumina uses the first-in, first-out basis, what is the ending inventory at estimated
cost?

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