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PROBLEM 1
MT Corporation, a manufacturer of spice foods, contracted in 2021 to purchase 500 pounds of a chile mixture at P5.00 per pound, delivery to be made in 2022. By 12/31/21, the price per pound of the chile mixture had risen to P5.60 per pound. In 2021, MT Corporation should recognize
a. a loss of P2,500.
b. a loss of P300.
c. no gain or loss.
d. a gain of P300.
PROBLEM 2
The inventory records of Yellow Corporation show the following purchases during its first quarter of operations:January: 15,000 units, P172,500February: 25,000 units, P293,750March: 10,000 units, P133,750The March 31, inventory using the weighted average method is P180,000. What is the March 31, inventory using the first-in, first-out method?
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