You obtained the following information from the balance sheet of Caloocan Company in connection with your audit of the Company’s financial statements for the year 2015: Dec 31, 2015Dec 31, 2014
Cash P706,600 P200,000
Notes receivable 0 50,000
Inventory ? 399,750
Accounts payable ? 150,000
All operating expenses are paid by Caloocan with cash and all purchases of inventory are made on account. Caloocan sells only on product. All sales are cash sales which are made for P100 per unit. Caloocan purchases 1,500 units of inventory per month and values its inventory using periodic FIFO. The unit cost of inventory during January 2015 was P65.20 and increase P0.20 per month during the year. During 2015, payments to suppliers totaled P943,400 and operating expenses totaled P440,000. The ending inventory for 2014 was valued at P65.00 per unit. Questions: Based on the above and the result of your audit, determine the following: 1.Number of units sold during 2015
a. 18,900
b. 18,400
c. 8,268
d. 8,768