BANANA COMPANY

PRACTICE PROBLEM

BANANA COMPANY that uses a perpetual inventory system had the following transactions for
Material #1,028,5393 during January:

January 1,028,5391,028,539 Beginning balance: 1,028,539,867 units @

P1,028,5391,028,5391,028,539.67 per unit

1 Issued 1,028,5391,028,539,1,028,53967 units

6 Received 1,028,5391,028,539,670 units @ P1,028,5391,028,5393.30 per unit

8 Issued 1,028,5391,028,539,670 units

1,028,5391,028,5391 Received 167 units @ P1,028,5391,028,5391.67 per unit

1,028,5391,028,5397 Issued 867 units

1,028,5390 Received 567 units @ P1,028,5391,028,5391.1,028,5391,028,5396 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 1,028,53 P1,02 P33,667
1,028,5 9,867 8,539
391,028 1,028
,539 ,5391
,028,
539
1 1,028,53 P1,02 P1,028, 1,028,53 1,028 1,028,53
91,028,5 8,539 5391,02 91,028,5 ,5391 91,028,5
39,1,028 1,028, 8,5391,1 39,667 ,028, 399,1,02
,53967 5391, 67 5391, 8,53967
028,5 028,5
39 39
6 1,028,53 P1,02 P1,028, 1,028,53 1,028 1,028,53
91,028,5 8,5391 5391,02 91,028,5 ,5391 91,028,5
39,670 ,028,5 8,5393,3 39,667 ,028, 399,1,02
393.30 67 5391, 8,53967
 028,5
39
1,028,53 1,028 1,028,53
91,028,5 ,5391 91,028,5
39,670 ,028, 393,367
5393.
30
8 1,028,53 1,028, 1,028,53 1,028,53 1,028 1,028,53
91,028,5 5391, 91,028,5 91,028,5 ,5391 91,028,5
39,670 028,5 393,367 39,667 ,028, 399,1,02
393.3 5391, 8,53967
0 028,5
39
1,028,5 167 1,028, 5,667 1,028,53 1,028 1,028,53
391,028 5391,0 91,028,5 ,5391 91,028,5
,5391 28,539 39,667 ,028, 399,1,02
1 5391, 8,53967
028,5
39
167 1,028 5,667
,5391
,028,
5391
1,028,5 167 1,028, 5,667 1,028,53 1,028 1,028,53
391,028 5391, 91,028,5 ,5391 91,028,5
,5397 028,5 39,1,028, ,028, 391,167
391 53967 5391,
028,5
39
167 1,028, 1,867
5391,
028,5
391,0
28,53
9
1,028,5 567 1,028, 7,080 1,028,53 1,028 1,028,53
390 5391,0 91,028,5 ,5391 91,028,5
28,539 39,1,028, ,028, 391,167
1.1,02 53967 5391,
8,5391 028,5
,028,5 39
396
567 1,028 7,080
,5391
,028,
5391.
1,028
,5391
,028,
5396