The data below are taken from the records of True Value Appliance Co. which sells

appliances exclusively on installment basis:

2001 2002 2003

Installment sales P365,500 P417,800 P610,750

Gross profit rate 36% 39% 40%

The balance in the Installment Accounts Receivable controlling accounts at the beginning

and end of 2003 were:

January 1 December 31

2001 P17,400 - 2002 205,400 P25,800

2003 - 306,250

There was one repossession recorded during 2003. It related to 2002 sales. Thereafter, the repossessed appliance was sold for P200, which equaled the uncollected balance in

the customer's installment account receivable. 1. For the year ended December 31, 2003, the cost of goods sold for True Value

Appliance Co. Amounted to?

2. The gross profit realized in 2003 on collections of 2001 and 2002 installment

accounts receivable totaled?

3. In addition to above realized gross profit, there was also a gain from the sale of the

repossessed appliance of?

The data below are taken from the records of True Value Appliance Co. which sells appliances exclusively on installment basis: 2001 2002 2003 Installment sales P365,500 P417,800 P610,750 Gross profit rate 36% 39% 40% The balance in the Installment Accounts Receivable controlling accounts at the beginning and end of 2003 were: January 1 December 31 2001 P17,400 2002 205,400 P25,800 2003 306,250 There was one repossession recorded during 2003. It related to 2002 sales. Thereafter, the repossessed appliance was sold for P200, which equaled the uncollected balance in the customer's installment account receivable. 1. For the year ended December 31, 2003, the cost of goods sold for True Value Appliance Co. Amounted to? 2. The gross profit realized in 2003 on collections of 2001 and 2002 installment accounts receivable totaled? 3. In addition to above realized gross profit, there was also a gain from the sale of the repossessed appliance of