APPLE COMPANY

PRACTICE PROBLEM

APPLE COMPANY that uses a perpetual inventory system had the following transactions for
Material #47,728,5393 during March:

March 4 Beginning balance: 47,728,539,867 units @ P47,,728,53947,739.67 per unit

47 Issued 47,728,5,728,539,47,728,53967 units

6 Received 47,728,539,677 units @ P47,7288,5393.37 per unit

8 Issued 47,728,5,677 units

47,79 Received 4767 units @ P47,7253947.67 per unit

8,53947,728,53 Issued 867 units

47,728397 Received 567 units @ P47,5398,728,5396 per unit

REQUIRED:
SOLUTION PRACTICE PROBLEM

B. LIFO Costing
Date Receipts Issues Balance
Quantity Unit Amount Quantity Unit Amount Quantity Unit Amount
Cost Cost Cost
July Balance 47,728,5 P47,7 P33,667
47,728, 39,867 28,53
53947,7 947,7
28,539 28,53
947,7
28,53
9
47 47,728,5 P47,7 P47,728 47,728,5 47,72 47,728,5
3947,72 28,53 ,53947,7 3947,728 8,539 3947,72
8,539,47 947,7 28,5394 ,539,667 47,72 8,5399,4
,728,539 28,53 7,4767 8,539 7,728,53
67 947,7 47,72 967
28,53 8,539
9
6 47,728,5 P47,7 P47,728 47,728,5 47,72 47,728,5
3947,72 28,539 ,53947,7 3947,728 8,539 3947,72
8,539,67 47,728 28,5393, ,539,667 47,72 8,5399,4
7 ,5393. 367 8,539 7,728,53
 37 47,72 967
8,539
47,728,5 47,72 47,728,5
3947,728 8,539 3947,72
,539,677 47,72 8,5393,3
8,539 67
3.37
8 47,728,5 47,72 47,728,5 47,728,5 47,72 47,728,5
3947,72 8,539 3947,72 3947,728 8,539 3947,72
8,539,67 47,72 8,5393,3 ,539,667 47,72 8,5399,4
7 8,539 67 8,539 7,728,53
3.37 47,72 967
8,539
47,728, 4767 47,728 5,667 47,728,5 47,72 47,728,5
53947,7 ,53947 3947,728 8,539 3947,72
28,5394 ,728,5 ,539,667 47,72 8,5399,4
7 3947 8,539 7,728,53
47,72 967
8,539
4767 47,72 5,667
8,539
47,72
8,539
47
47,728, 4767 47,72 5,667 47,728,5 47,72 47,728,5
53947,7 8,539 3947,728 8,539 3947,72
28,5397 47,72 ,539,47,7 47,72 8,53947,
8,539 28,53967 8,539 4767
47 47,72
8,539
4767 47,72 47,867
8,539
47,72
8,539
47,72
8,539
47,728, 567 47,728 7,787 47,728,5 47,72 47,728,5
5397 ,53947 3947,728 8,539 3947,72
,728,5 ,539,47,7 47,72 8,53947,
3947.4 28,53967 8,539 4767
7,728, 47,72
53947, 8,539
728,53
96
567 47,72 7,787
8,539
47,72
8,539
47.47
,728,
 5394
7,728
,5396