Use the following items 19-21

For The First Time’s Company initial year shows purchases of product Breakeven as follows:
1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter
Number of units 3,500 9,200 6,400 3,700
Cost P 27,300 P 77,280 P 64,960 P 36,815
Inventory balance at the end of the year using LIFO – periodic is valued at P39,060.
19. Ending inventory under the FIFO – perpetual method
A. 39,060 B. 44,348 C. 47,660 D. 48,995
20. Ending inventory under the Average – periodic (Weighted-Average) method
A. 39,060 B. 44,348 C. 47,660 D. 48,995
21. Assuming that total sales of Breakeven were as follows: 10% in Q1; 45% in Q2; 20% in
Q3 and 25%
in Q4, the ending inventory under the Average – perpetual (Moving Average) method is
A. 39,060 B. 44,348 C. 47,660 D. 48,99522. In 2016, Wake Me Up Corporation awards
loyalty points to customers who use Wake Me Up
Corporation’s own credit card to pay for purchases. The award is at the rate of one point for
every P500
charged to the card and each point entitles the customer to a certain credit against future
purchases,
without time limit. Wake Me Up Corporation estimates the fair value of each point at P6 and
in 2016,
P320,000,000 is charged to the Wake Me Up Corporation’s credit card. None of the
customers have
claimed their corresponding credit points during 2016.
The amount to be reported as revenue for 2016 by Wake Me U