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Transcript 
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
P1,028,5391,028,5391,028,539.67 per unit
balance:
1,028,539,867
units
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
Quantity
July
1,028,5
391,028
,539
Unit
Cost
Issues
Amount
Unit
Cost
Amount
Balance
1
6
Quantity
Balance
1,028,53
91,028,5
39,1,028
,53967
1,028,53
91,028,5
39,670
P1,02
8,5391
,028,5
P1,028,
5391,02
8,5393,3
P1,02
8,539
1,028,
5391,
028,5
39
P1,028,
5391,02
8,5391,1
67
Quantity
Unit
Cost
Amount
1,028,53
9,867
P1,02
8,539
1,028
,5391
,028,
539
1,028
,5391
,028,
5391,
028,5
39
1,028
,5391
,028,
P33,667
1,028,53
91,028,5
39,667
1,028,53
91,028,5
39,667
1,028,53
91,028,5
399,1,02
8,53967
1,028,53
91,028,5
399,1,02
393.30
67
1,028,53
91,028,5
39,670
8
1,028,5
391,028
,5391
1,028,53
91,028,5
39,670
167
1,028,
5391,0
28,539
1
1,028,
5391,
028,5
393.3
0
1,028,53
91,028,5
393,367
5,667
1,028,53
91,028,5
39,667
1,028,53
91,028,5
39,667
167
1,028,5
391,028
,5397
1,028,5
390
567
1,028,
5391,0
28,539
1.1,02
8,5391
,028,5
396
7,080
167
1,028,
5391,
028,5
391
5,667
167
1,028,
5391,
028,5
391,0
28,53
9
1,867
1,028,53
91,028,5
39,1,028,
53967
5391,
028,5
39
1,028
,5391
,028,
5393.
30
1,028
,5391
,028,
5391,
028,5
39
1,028
,5391
,028,
5391,
028,5
39
1,028
,5391
,028,
5391
1,028
,5391
,028,
5391,
028,5
39
8,53967
1,028,53
91,028,5
393,367
1,028,53
91,028,5
399,1,02
8,53967
1,028,53
91,028,5
399,1,02
8,53967
5,667
1,028,53
91,028,5
391,167
1,028,53
91,028,5
39,1,028,
53967
1,028
,5391
,028,
5391,
028,5
39
1,028,53
91,028,5
391,167
567
1,028
,5391
,028,
5391.
1,028
,5391
,028,
7,080
5396
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