Entity A has a beginning inventory of P340,000. During the period Entity A purchased inventories costing P990,000. Freight paid on the purchase totaled P40,000. The ending inventory was P360,000. If the net sales were P1,200,000, how much is the gross profit? 260,000 1,200,000 190,000

Q: The following information applied to RYXBonus Company for the current year:   Merchandise…

A: Inventoriable cost of the purchase = Merchandise purchased for resale - Purchase returns  + Freight…

Q: Kaasiam Company uses cost method in determining its ending inventory. Assume the beginning inventory…

A:

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: sole proprietor had the following data for the year 2020. Sales P500,000; Beginning inventory,…

A: Supplies expense is the amount of expense which is debited to income statement.

Q: APOL Company provided the following information related to the ending inventory of its Product X:…

A: Inventory to be reported in the Statement of financial position = Lower of cost and Net realizable…

Q: The following information is available for the current year: Cost Retail 650,000 9,000,000 200,000…

A: Under the FIFO method, the Retail ratio cost is calculated by taking the values of purchases.…

Q: Lychee Company uses the retail method of inventory valuation. The following information is…

A:

Q: The balance of work in process inventory account as of December 31, of the current year of Purewood…

A: Cost of inventory = P480,000 Selling price = P450,000 Completion cost = P10,000 Cost to sell =…

Q: GANDA Co. has a recent gross profit history of 40% of net sales. These data are taken from the…

A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory

Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…

A: Inventory is one of the important current asset being held by the business. This is reported under…

Q: Presented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on…

A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…

Q: Assume that the total inventory counted at the end of the year was $75,000. Excluded from the count…

A: We’ll answer the second question since the exact one wasn’t specified and the first question is…

Q: ALOHA Company determined the following information for an inventory at year end. Historical Cost P…

A: Inventory at year end = Lower of Cost or Net realizable value where, Net realizable value =…

Q: On December 31, 2024, Punch Company reported inventory per physical count t P1,500,000. The entity…

A: Inventory= Physical inventory+Goods in transit FOB Shipping point - Goods held on consignment+Goods…

Q: Seagull Company uses the retail method of inventory valuation. The following information is…

A: The cost of ending inventory is calculated as difference between cost of goods available for sale…

Q: Lychee Company uses the retail method of inventory valuation. The following information is…

A:

Q: resented below is the list of inventory items of ABC Corp at Dec 31, 20X1: a. Goods sold on…

A: Inventory: These are assets which are for sale in the ordinary course of business, but also…

Q: The following data are extracted from the records of an entity relating to an inventory item:…

A: Under moving average method, average unit cost of inventory is changed every time new purchases or…

Q: Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item…

A: Cost to be allocated to Inventory = Bulk price X fair value of individual inventory / Total fair…

Q: Zhangs company reported cost of goods sold of 848,000 begining inventory of 39800 and ending…

A: Ratio analysis is a method of measuring the financial position of the organization with different…

Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…

A: Cost of goods available for sales Cost of goods sold + Ending inventory   (Selling expenses *…

Q: An entity provided the following records connected to its inventory transactions: Date and…

A: Inventory Valuation: The valuation of inventory can be done by using various inventory methods like…

Q: BestSell Auctions carries an average inventory equal to $100,000. The company's cost of goods sold…

A: Given the following information: Average Inventory: $100,000 Cost of goods sold: $1,500,000

Q: The following information applies to Alberta, Inc for 2020: Products acquired for resale, P400,000;…

A: The inventoriable cost include the cost incurred to acquire the product for resale.

Q: Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods…

A: Sales=Goods available for sale+Gross Profit-Ending Inventory

Q: Winner Company has two products with cost and selling price as follows:…

A: Solution Concept Under lower of cost or NRV method , The inventory is valued at lower of the cost or…

Q: The cost of Product E sold for the year ended July 31,2021 is: d. P1,350,000 b. P1,440,000 c.…

A: As per NRV method, the net realizable value at split off point is used to allocate the joint cost.

Q: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

Q: During year 2, Dunn Company purchased $1,920,000 of inventory. The cost of goods sold for year 2 was…

A: Compute the beginning inventory: Cost of goods sold $1,800,000 Add: Ending inventory 360,000…

Q: CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in :…

A: The gross purchases are calculated by adding the ending inventory in the cost of sales and deducting…

Q: ntity A has a beginning inventory of ₱280,000. During the period Entity A purchased inventories…

A: Cost of goods sold is the amount of cost which is arrived by deducting ending inventory from the…

Q: Dignity Company had the following consignment transactions during the current year: Inventory…

A: Consigned inventory: It can be defined as a model of supply chain whereby a product is sold by a…

Q: The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for…

A: Cost of goods sold: It is the total amount a company spends on the sale of a product that can be…

Q: The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of…

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: Emeritus Company which used the FIFO retail inventory method provided the following information for…

A: Cost to retail ratio = (7,200,000/ 10,400,000) x 100                               = 69%

Q: What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income

A: Jose Corporation transferred inventory from its home office to its Laguna branch at a billed price…

Q: An entity included the following items in inventory at year-end: Goods out on consignment at sales…

A: An entity included the following items in inventory at year-end: Goods out on consignment at sales…

Q: Grit Company had the following for 2019: • Purchase - P40,000 Purchase returns and allowances P2,000…

A: Purchase P40,000 Less: Purchase returns and allowances -P2,000 Net Purchase P38,000 Add:…

Q: goods out on consignment. What amount should be reported as inventory at year end?

A: The determination of the amount that should be reported as inventory at the end of the year is shown…

Q: On December 31, 2024, Punch Company reported inventory per physica count at P1,500,000. The entity…

A: Introduction:- The following points important for calculation of inventory as follows:- Cost of…

Q: The following data are extracted from the records of an entity relating to an inventory item:…

A: Beginning balance                                 5,000     *          200        = 1,000,000…

Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000.…

A: Cost of inventory includes Purchase cost, transportation cost of bring the inventory from seller to…

Q: Entity A has a beginning inventory of ₱340,000. During the period Entity A purchased inventories…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Pertaining below is information pertaining to Polyphemos Corporation: Cost P 24,000 190,000 26,000…

A: In the Average cost method of inventory valuation, the Cost-to-retail percentage is computed for all…

Q: ABC Corp showed the following information: Beginning inventory, 60,000 Purchases, 500,000 Purchase…

A: Cost of goods sold equals sum total of beginning inventory and purchases less the ending inventory ,…

Q: Entity A has gross purchases of ₱360,000. Freight paid on the purchases amounted to ₱50,000.…

A: Gross purchases = P 360,000 Freight = P 50,000 Purchase discount = P 20,000 Purchase return = P…

Q: Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000;…

A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…

Q: The Jones Company completed its inventory count and arrived at a total inventory value of $216,000.…

A: solution concept goods sold on consignment basis               There are two parties involved in…

Q: Gil Co. purchased four items of inventory at a bulk price of P9,000,000. The fair value of each item…

A: As per the principle of conservatism (prudence rule), unsold stock/inventory should be valued at…

Q: Entity A has a beginning inventory of P340,000. During the period Entity A purchased inventories…

A: Formula: Gross profit = Net sales - Cost of goods sold.