DALANDAN COMPANY

PRACTICE PROBLEM

DALANDAN COMPANY that uses a perpetual inventory system had the following transactions
for Material #40,028,5393 during February:

February 40,028,53940,028,539 Beginning balance: 40,028,539,867 units @

P40,028,53940,028,53940,028,539.67 per unit

40 Issued 40,028,53940,028,539,40,028,53967 units

6 Received 40,028,53940,028,539,670 units @ P40,028,53940,028,5393.30 per

unit

8 Issued 40,028,53940,028,539,670 units

40,028,53940,028,53940 Received 4067 units @ P40,028,53940,028,53940.67 per

unit

40,028,53940,028,5397 Issued 867 units

40,028,5390 Received 567 units @

P40,028,53940,028,53940.40,028,53940,028,5396 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 40,028,5 P40,0 P33,667
40,028, 39,867 28,53
53940,0 940,0
28,539 28,53
940,0
28,53
9
40 40,028,5 P40,0 P40,028 40,028,5 40,02 40,028,5
3940,02 28,53 ,53940,0 3940,028 8,539 3940,02
8,539,40 940,0 28,5394 ,539,667 40,02 8,5399,4
,028,539 28,53 0,4067 8,539 0,028,53
67 940,0 40,02 967
28,53 8,539
9
 6 40,028,5 P40,0 P40,028 40,028,5 40,02 40,028,5
3940,02 28,539 ,53940,0 3940,028 8,539 3940,02
8,539,67 40,028 28,5393, ,539,667 40,02 8,5399,4
0 ,5393. 367 8,539 0,028,53
30 40,02 967
8,539
40,028,5 40,02 40,028,5
3940,028 8,539 3940,02
,539,670 40,02 8,5393,3
8,539 67
3.30
8 40,028,5 40,02 40,028,5 40,028,5 40,02 40,028,5
3940,02 8,539 3940,02 3940,028 8,539 3940,02
8,539,67 40,02 8,5393,3 ,539,667 40,02 8,5399,4
0 8,539 67 8,539 0,028,53
3.30 40,02 967
8,539
40,028, 4067 40,028 5,667 40,028,5 40,02 40,028,5
53940,0 ,53940 3940,028 8,539 3940,02
28,5394 ,028,5 ,539,667 40,02 8,5399,4
0 3940 8,539 0,028,53
40,02 967
8,539
4067 40,02 5,667
8,539
40,02
8,539
40
40,028, 4067 40,02 5,667 40,028,5 40,02 40,028,5
53940,0 8,539 3940,028 8,539 3940,02
28,5397 40,02 ,539,40,0 40,02 8,53940,
8,539 28,53967 8,539 4067
40 40,02
8,539
4067 40,02 40,867
8,539
40,02
8,539
40,02
8,539
40,028, 567 40,028 7,080 40,028,5 40,02 40,028,5
5390 ,53940 3940,028 8,539 3940,02
,028,5 ,539,40,0 40,02 8,53940,
3940.4 28,53967 8,539 4067
0,028, 40,02
53940, 8,539
028,53
96
567 40,02 7,080
8,539
40,02
8,539
40.40
,028,
5394
0,028
,5396