11-1 the following data were taken from the records of Mae Alma Pedrosa Commercial for theyear ended December 31, 20B. Merchandise Inventory, end P 200,000 280,000 Sales Purchases 300,000 Merchandise Inventory, beg. 150,000 Sales Returns & Allowances 5,000 Purchase Discounts 20,000 Sales Discounts 15,000 Freight-in 1,500 Required: Compute the following 1. Net Sales 2. Cost of Sales 3. Gross Profit 11 -2 In each of the given separate cases, compute the Cost of Sales in good form: CASE 1: Purchases P 250,000 Purchase Discounts 15,000 Purchase Returns & Allowances 25,000 Freight-In 20,000 Merchandising Inventory, beg. 215,000 Merchandising Inventory, end 230,000 CASE 2: Merchandise Inventory, beg. P 150,000 Purchase Discounts 10,000 Purchases 300,000 20,000 Freight-In Merchandise Inventory, end 130,000 11-3 The following information pertains to the data of Cherry Eruela Grocery Merchandise Inventory, Jan. 1 P 60,000 Merchandise Inventory, March 31 110,000 Purchases 210,000 Freight-In 5,000 Purchase Returns & Allowances 20,000 Purchase Discounts 15,000 Required: Prepare the cost of sales section of the Statement of Comprehensive Income for the quarter ended March 31. 11-4 The following selected data were taken from the records of Bob Gelacio Enterprise.: December 31 20A 208 Merchandise Inventory P130,000 P150,000 Sales 450,000 Sales Discounts Purchases 5,000 Freight-In 250,000 Purchase Discounts 3,000 2,000 Operating Expenses 80,000 How much is gross profit from sales on December 31, 208? Ans. 11-5 The following data are given to you. These were taken from the records of Godofredo Cadelena Co. Beginning Inventory P110,000 Purchases 205,000 Purchase Discounts 3,000 Freight Out 5,000 Sales 220,000 Assuming that the merchandise inventory at the end was P180,000, how much is the cost of goods sold? Ans. . 11-6 The following data concerns a certain product of Cherry Lyn Limbago Co. Sales, 150,000 units @ P12.50 Purchases, 250,000 units @ P9.00 Total available for Sale - P2,250,000 Assuming that there is no beginning inventory, how much is inventory at the end of the period? Ans