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PROBLEM 7: COMPUTATIONS 1 The records of a business show the following information: Sales, P724, 200; Sales discounts, P10,000; Sales retums; P3,600; and Freight-in, P5,300. How much is the net sales? 2 The records of a business show the following information: Sales, P426,800; Inventory, beg. P22,400; Purchases, P220,000; Freight-in, P12,000; Purchase discounts, $4,500; Sales returns, P21,600; and Purchase returns, P3,000. How much is the net purchases? 3. The records of a business show the following information: Sales, P364,000; Purchases, P252,000; Freight-in, P11,000; Purchase discounts, P4,900; Sales returns, P12,600; Purchase returns, P3,000; Inventory, beg. P22,400; and Inventory, end. P15,000. How much is the total goods available for sale? Chapter 16 406 goods 4. Use the information in #3 above. How much is cost of sold? answer items 5 to 15 below.) (TIP: Make use of a T-account analysis, instead of a formula, to 5. Inventory, beg. P33,000; Net purchases, P128,000; Cost of goods sold, 296,000. How much is the Inventory, end.? 6. Inventory, beg. P89,000; Net purchases, P217,000; Cost of goods sold, P154,000. How much is the Inventory, end.? 7. Inventory, beg. P20,000; Net purchases, P176,000; Inventory, end., P90,000. How much is the Cost of goods sold? 8. Inventory, beg. $24,000; Cost of goods sold, 289,000; Inventory, end. P19,000. How much is the Net purchases? 9. Inventory, end. P62,000; Net purchases, P216,000; Cost of goods sold, P244,000. How much is the Inventory, beg.? 10. Inventory, end. P148,000; Net purchases, P236,000; Cost of goods sold, P344,000. How much is the Total Goods Available for Sale? 11. Net purchases, P170,000; Increase in inventory during the year, P40,000. How much is the cost of goods sold? 12. Net purchases, 9170,000; Decrease in inventory during the year, P40,000. How much is the cost of goods sold? 13. Cost of goods sold, P720,000; Increase in inventory during the year, P80,000. How much is the net purchases? 14. Inventory, beg., P4,000; Total goods available for sale, P190,000; Cost of goods sold, P169,000. How much is the change in inventory during the year? increase (decrease)