#252 Pa-Mine White Co. employs the lower of cost

Pa-Mine White Co employs the lower of cost  - Accounting

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Pa-Mine White Co. employs the lower of cost or net realizable value in the measurement of its inventory. On December 31, 2018, the ending inventory was reported as follows:

The inventory cost method employed by the company is the weighted average method. On December 31, 2019, the net realizable value per unit is P21

REQUIRED: Round off unit costs and peso figures to four (4) decimal places.

B1. What is the December 31, 2019 inventory in units?

B2. What is the December 31, 2019 inventory cost total?

B3. What is the adjusting entry on December 31, 2019 to recognize gain or loss on inventory write-down? (Do not include decimals in the amounts of your answer)

B4. What is the cost of Goods Sold as adjusted for 2019 using the allowance method?

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