MC37 Ali Mall's accounting records indicated the following information: Inventory (based on physical count) Accounts Receivable Accounts Payable Collections from customers Payments to suppliers 12/31/19 P110,000 900,000 250,000 2,800,000 2,550,000 1/1/19 P180,000 700,000 300,000 All sales and purchases are on credit. Ali Mall's gross profit rate based on cost has remained constant at 25% in recent years. What is the amount of inventory overage (shortage)? 67

MC37 Ali Mall's accounting records indicated the following information: Inventory (based on physical count) Accounts Receivable Accounts Payable Collections from customers Payments to suppliers 12/31/19 P110,000 900,000 250,000 2,800,000 2,550,000 1/1/19 P180,000 700,000 300,000 All sales and purchases are on credit. Ali Mall's gross profit rate based on cost has remained constant at 25% in recent years. What is the amount of inventory overage (shortage)? 67

Name: MC37 Ali Mall's accounting records indicated the following informatio
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Description: MC37 Ali Mall's accounting records indicated the following information:Inventory (based on physical count)Accounts ReceivableAccounts PayableCollections from customersPayments to suppliers12/31/19P110,000900,000250,0002,800,0002,550,0001/1/19P180,00

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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