Fruitas Company uses the weighted average method to determine the cost of its inventory. During July 2020, the company recorded the followinginformation pertaining to its inventory:Balance, July 1Purchase, July 17Sale, July 28What amount of inventory should Fruitas report on July 31, 2020?O P50,000O P52,500O P57,500No. of Units20,00010,00025,000O P53,750Unit CostP10.0011.50Total CostP200,000115,000 On January 1, 2019, Bixby Inc. acquired an investment classified as FVOCI for P2,159,708, which has a principal amount of P2,000,000 and with 10%interest payable every December 31 starting 2019. The investment runs in three years. The fair value of the bonds are:December 31, 2019 - 102; December 31, 2020-98; December 31, 2021 - 101.Which of the following statements is true?O Other comprehensive income increased by P92,484.64 on year 2019.O None of theseO Other comprehensive income decreased by P91,753.33 on year 2021.O Other comprehensive income increased by P50,598.77 on year 2020.

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Description: Fruitas Company uses the weighted average method to determine the cost of its inventory. During July 2020, the company recorded the followinginformation pertaining to its inventory:Balance, July 1Purchase, July 17Sale, July 28What amount of inventor

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Fruitas Company uses the weighted average method to determine the cost of its inventory. During July 2020, the company recorded the following information pertaining to its inventory: Balance, July 1 Purchase, July 17 Sale, July 28 What amount of inventory should Fruitas report on July 31, 2020? O P50,000 OP52,500 O P57,500 No. of Units 20,000 10,000 25,000 OP53,750 Unit Cost P10.00 11.50 Total Cost P200,000 115,000

Fruitas Company uses the weighted average method to determine the cost of its inventory. During July 2020, the company recorded the following information pertaining to its inventory: Balance, July 1 Purchase, July 17 Sale, July 28 What amount of inventory should Fruitas report on July 31, 2020? O P50,000 OP52,500 O P57,500 No. of Units 20,000 10,000 25,000 OP53,750 Unit Cost P10.00 11.50 Total Cost P200,000 115,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 1RE

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