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The following information is based on the first audit Tommy Pogi Comapany. Your new client has not prepared financial statements for three years since December 31, 2014. The company used accrual basis of accounting and reported income on a calendar year basis prior to 2015. During the three years since December 31, 2014 his cash receipts and cash disbursements records were maintained and sales on account were entered, when made, directly into an accounts receivable subsidiary ledger. However, no general ledger postings have been made since the December 31, 2014. Your examination has disclosed balances at the beginning and the end of three-year period. Dec. 31, 2014 Dec. 31, 2017 Aging of accounts receivable --- Less than1 year old P 176, 120 P 282, 000 1 to 2 years old 12, 000 18, 000 2 to 3 years old 8, 000 Total accounts receivable P 188, 120 P 308, 000 Inventories 116, 000 188, 000 Accounts receivable- merchandise inventory 50, 000 110, 000 You have satisfied yourself as to the accuracy of the balances shown above. Other Information available to is as follows: 2015 2016 2017 Cash received on account - Applied to --- Current years accounts P 1, 480, 000 P1, 618, 000 P 2, 088, 000 Prior's year's audit 134, 000 150, 000 168, 000 Accounts of two years prior 50, 120 4, 000 20, 000 Total P 1, 664, 120 P 1, 772, 000 P 2, 276, 000 Cash sales 170, 000 260, 000 312, 000 Disbursement for merchandise 1,792,500 1,412,000 1,738, 000 purchase No account balances have been written off as uncollectible during the three-year period and the ratio of gross profit to sales remains constant from year to year. Required 1, Compute the total sales for each year 2015 to 2017. P6,574,000 2. What is the average gross profit rate? 25% 3. Compute the gross profit for each year 2015 to 2017. 2015 - 451, 000 ; 2016 - 516, 000 : 2017 - 670, 500