1. Which of the following statements IS NOT correct in computing Cost of Goods Manufactured?

a. Goods available for sale minus finished goods beginning inventory

b. Cost of Sales plus finished goods ending inventory

c. Total manufacturing cost plus decreases in work in process

d. Total manufacturing cost minus increases in work in process

2. BSA Company sold P300,000 to Customer B, FOB shipping point, freight collect P15,000, 2/7, n/30. How much is the total amount to be received by BSA Company if the customer pays within the discount period?

3. During 2020, BSA Company reported total manufacturing cost P2,000,000, decrease in raw materials inventory by P99,000; increase in work in process inventory by P67,000; and increase in finished goods inventory by P77,000. How much is the year-end cost of sales?

4. BSA Company's monthly net profit before taxes is P250,000, representing 10% of net sales. How will the cash purchase of merchandise for P500,000 invoice price be recorded in the purchase journal, freight terms FOB destination, freight collect P20,000, 2/7, n/30? Assume all parties involved are VAT registered and BSA Company uses voucher system.

5. BSA Company annual sales is more than P5 million and uses special journals. What amounts will reflect in the cash receipts journal when P285,000 list price, less 3% cash discount, VAT inclusive, is sold to customer?

3.