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1. Thrift department store is currently preparing its interim financial statements and would like to know an estimated if it's ending inventory. You are provided the following data for the third quarter of 2016: sales, P14,610,000,' transportation-in, P350,000; inventory, July 1, P 140,000; transportation-out, P850,000; purchases, P6,790,000; sales return, P700,000. The average rate of gross margin on sales during the last three years is 40%. The estimated cost of the inventory at September 30, 2016 is a. P1,954,000 b. P1,534,000 c. P1,454,000 d. P1,034,000 2. On May 1, 2016 west company made two purchases with a list price of P370,000 and P420,000, both subject to trade discounts of 20% and 10%. Credit terms were 2/15, n/30. The payment due on P420,000 was remitted on May 14, 2016 while the payment while the payment due on P370,000 was remitted on May 25,2016. The net purchases to be included in the determined of cost of goods sold for the month of May should be? Net Method Gross Method a. P 547,820 P 549,940 b. P 541,940 P 547,120 c. P 563,472 P 568,800 NY company has two products having costs and selling prices as follows: Burgers Franks Selling price 2,000,000 3,000,000 Materials and conversion cost 1,500,000 1,800,000 General administration costs 300,000 800,000 Estimated selling costs 600,000 700,000 What is the measurement of burgers and franks, respectively? 1,500,000 and 2,300,000 1,400,000 and 1,300,000 1,500,000 and 1,000,000 1,400,000 and 2,300,000 moo-[u