1. KCP Inc. sells cellphones on an installment basis. For the year ended December 31, 2016, the following were reported: Cost of installment sales P 1,050,000 Loss on repossessions 27,000 Fair value of repossessed merchandise 225,000 Account defaulted 360,000 Deferred Gross Profit, December 31 Adjusted 216,000 What is the collections during the year?

2. BULLOCK Inc. sells automatic weapons costing P 700,000 at a price of P 1,200,000. CARUSO Corp. buys a dozen of automatic weapons on installment and trade-in six of its old weapons at a trade-in value of P 300,000 each. BULLOCK spends P 25,000 to recondition the old guns and sells them for P 315,000. BULLOCK expects a 10 percent gross profit from the sale of used guns. What is the over-allowance granted by BULLOCK on the trade-in transaction?

3. On October 20, 2016, MICHAEL Company assigned 40 freezers to URIEL Company costing P 14,000 each for sale at P 20,000 each and paid P 16,000 in transportation costs. On December 30, 2016, URIEL reported the sale of 10 freezers and remitted P 170,000. The remittance was net of the agreed 15% commission. What amount should be reported as consignment sales revenue for 2016?

4. The following information was derived from the 2016 accounting records of WARLOCK Co. Central Warehouse. Goods Out on Consignment Beginning Inventory P 55,000 P 6,000 Purchases 240,000 30,000 Freight-in 5,000 Transportation to Consignees 2,500 Freight-out 15,000 4,000 Ending Inventory 72,500 10,000 WARLOCK's 2016 Cost of Sales was?

5. EG Co. shipped inventory on consignment to Secret Co. that cost P 20,000. Secret paid P 500 for advertising that was reimbursable from EG. At the end of the year, 70% of the inventory was sold for P 30,000. The agreement states that a commission of 20% will be provided to Secret for all sales. What amount of net inventory on consignment remains on the balance sheet for the first year for EG Co.?