1. During 2020, Mane Co. acquired additional trading securities that cost P73,000 and had a year-end market value of P71,000. What is the impact of these activities on Mane Co.'s 2020 income statement?

A. Loss of P2,000 B. Gain of P10,500 C. Gain of P12,500 D. Gain of P18,500 E. answer not given

2. Data provided by OMI Co. for 2020 are as follows: Freight-in P30,000 Purchase returns P75,000 Selling expenses P150,000 Ending inventory P260,000. The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale?

A. P600,000 B. P890,000 C. P815,000 D. P860,000

3. AL Co. has the following information pertaining to its merchandise inventory as of December 31, 2020: Inventory on Hand (including inventory on consignment of P20,000) P200,000 Inventory purchased with the right of return P100,000 Merchandise purchased in transit, FOB shipping point P160,000 Merchandise sold in transit, FOB destination P247,000 Merchandise not in warehouse, held by the consignee P183,000. What amount should AL Co. report as the value of its inventory in its 2020 balance sheet?

A. P749,000 B. P760,000 C. P770,000 D. P876,000

During 2020, Mane Co. acquired additional trading securities that cost P73,000 and had a year-end market value of P71,000. What is the impact of these activities on Mane Co.'s 2020 income statement? A Loss of P2,000 B. Gain of P10,500 C. Gain of P12,500 D. Gain of P18,500 E. answer not given Data provided by OMI Co. for 2020 are as follows: Freight-in P30,000 Purchase returns P75,000 Selling expenses P150,000 Ending inventory P260,000. The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale? A P600,000 B. P890,000 C. P815,000 D P860,000 AL Co. has the following information pertaining to its merchandise inventory as of December 31, 2020. Inventory on Hand (including inventory on consignment of P20,000) P200,000 Inventory purchased with the right of return P100,000 Merchandise purchased in transit, FOB shipping point P160,000 Merchandise sold in transit, FOB destination P247,000 Merchandise not in warehouse, held by the consignee P183,000 What amount should AL Co report as the value of its inventory in its 2020 balance sheel? A P749,000 B P760 000 C P770,000 D. P876 000 At the end of 2019, Lane Co. held trading securities that cost P86,000 and which had a market value of P92,000. During 2020, these securities were sold for P104,500 During 2020, Mane Co. acquired additional trading securities that cost P73,000 and had a year-end market value of P71,000. What is the impact of these activities on Mane Co.'s 2020 income statement? A Loss of P2,000 B. Gain of P10,500 C. Gain of P12,500 D. Gain of P18,500 E answer not given