Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show solution. The following data pertains to the inventory of Q: Purchases, P1,200,000 Purchase returns, P200,000; Purchase discounts, P20,000; Freight-in, P250,000; Freight-out, P300,000; Cost of

image text in transcribed
Show solution.
The following data pertains to the inventory of Q: Purchases, P1,200,000 Purchase returns, P200,000; Purchase discounts, P20,000; Freight-in, P250,000; Freight-out, P300,000; Cost of sale, P930,000. Actual inventory per count, P275,000. The actual physical count indicates a shortage or an overage of: * Your answer The cost of sale is P250,000. Total purchases amounted to P300,000 which increased the total goods available for sale to P310,000. The ending inventory is: * Your

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microsoft Excel And Access 20 For Accounting

Authors: Glenn Owen

5th Edition

133751229X, 9781337512299

More Books

Students also viewed these Accounting questions

Question

Explain all drawbacks of the application procedure.

Answered: 1 week ago