454 Cost 20,000 Ketail 28,000 160,600 Inventory, January 1 Purchases 110,600 4,000 1,000 10,400 2,000 1,600 Freight-In Purchase discounts 17,200 Purchase returns Departmental Transfers-In Departmental Transfers-Out Markups Markup cancellations Markdowns 3,000 2,400 12,000 PRO 4,000 24,000 You raze Markdown cancellations 6,000 inf Additional information: A loss of P10,000 was recognized during the period for damaged goods. The goods have a retail value of P14.000 Gross sales for the period amounted to P87,600. Sales returms and discounts amounted to P5,000 and P2,000, respectively. Employee discounts, treated as outright deduction to sale price, amounted to P1,000. Normal spoilage of P400 was subsumed to cost of sales. How much are the ending inventory and cost of sales, respectively, under the average cost method? a. 46,412; 67,188 b. 48,981; 64,619 c. 49,126; 64,474 d. 52,023; 61,577 How much are the ending inventory and cost of sales espectively, under the FIFO method? - 49,920; 63,680 47,588; 66,012 c. 52,266; 61,334 d. 44,927; 68,673 Ending ending

454 Cost 20,000 Ketail 28,000 160,600 Inventory, January 1 Purchases 110,600 4,000 1,000 10,400 2,000 1,600 Freight-In Purchase discounts 17,200 Purchase returns Departmental Transfers-In Departmental Transfers-Out Markups Markup cancellations Markdowns 3,000 2,400 12,000 PRO 4,000 24,000 You raze Markdown cancellations 6,000 inf Additional information: A loss of P10,000 was recognized during the period for damaged goods. The goods have a retail value of P14.000 Gross sales for the period amounted to P87,600. Sales returms and discounts amounted to P5,000 and P2,000, respectively. Employee discounts, treated as outright deduction to sale price, amounted to P1,000. Normal spoilage of P400 was subsumed to cost of sales. How much are the ending inventory and cost of sales, respectively, under the average cost method? a. 46,412; 67,188 b. 48,981; 64,619 c. 49,126; 64,474 d. 52,023; 61,577 How much are the ending inventory and cost of sales espectively, under the FIFO method? - 49,920; 63,680 47,588; 66,012 c. 52,266; 61,334 d. 44,927; 68,673 Ending ending

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter9: Receivables

Section: Chapter Questions

Problem 9.21EX: Entries for notes receivable The series of five transactions recorded in the following T accounts...

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