The Bony Department Store uses a calendar year and the FIFO retail inventory method (assuming stable prices). Information relating to the computation of the inventory at December 31 is as follows: COST RETAIL Inventory, January 1 |320,000 800,000 Sales 5,800,000 Purchases 2,100,000 6,000,000 Freight-in 70,000 Net markups 400,000 Net markdowns 200,000 QUESTION 20: What is the ending inventory at cost at December 31 using the FIFO retail inventory method? Group of answer choicesp 430,000P 460,000P 420,000P 440,000Light Company is a wholesaler of scented candles. The activity for item number 1234 during June, 2020 is presented below: Date Transactions Units Cost June 01 |Inventory balance 6,000 20 04 Purchases 9,000 24 12 Sales 10,800 19 Purchases 14,400 26 22 Sales 11,400 29 Purchases 4,800 27 QUESTION 13: Under the FIFO periodic inventory system, how much is the ending inventory of item number 1234 at June 30? Group of answer choicesp 316,800P 278,400P 280,800P 302 400Clothes Company maintains a markup of 60% based on cost. The company's selling and administrative expenses average 30% of sales. Annual sales were P 1,440,000. QUESTION 11: How much should be reported as cost of sales and Operating profit, respectively? Group of answer choicesp 900,000; P 432 000P 864,000; P 432,000P 864,000; P 144 00P 900,000; P 108,000 Tape Company reported the following balances at December 31, 2019 and 2020: 12/31/2020 12/31/2019 Inventory 2,600,000 2,900,000 Accounts Payable | 750,000 500,000 QUESTION 12: How much should Tape report as cost of goods sold in its December 31, 2020 statement of comprehensive income? Group of answer choicesp 4350,000P 5,450,000P 4,950,000P 4,850,040Canary Menswear regularly buys shirts from Ube Company and is allowed trade discounts of 20% and 10% from the list price. Canary purchased shirts on May 9, 2020 and received an invoice with a list price of P 50,000 and payment terms of 2/10, n/30. Canary uses the net method of recording purchases. QUESTION 9: At what amount should Canary record the purchases? Group of answer choicesp 35,000p 36,000P 35,280P 34,300 On June 1, 2020, Pitt sold merchandise with a list price of P 50,000 on Bull on account. Pitt allowed trade discounts of 30%, 20% and 10%. Credit terms were 2/15, n/40 and the sale was made FOB destination. Bull paid P 2,000 of delivery costs. QUESTION 10: On June 12, 2020, how much did Pitt receive from Bull as full payment? Group of answer choicesp 26,656P 24,696P 22,696P 26,696