Purchase Date Date Sold Cost Jan. 8 Аpr.9 Mar. 31 Diamond ring 24K gold necklace White gold ring P50,000 Mar. 27 75,000 Jul. 15 Aug. 5 Sept. 9 60,000 Nov. 3 Diamond necklace 110,000 18k gold necklace Pearl earrings Topaz earrings 40,000 Oct. 11 30,000 45,000 Dec. 20 Dec. 21 Total Purchases P410,000
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On March 1, 2022, MABEL Company purchased inventory from its supplier with list price of P800,000. The trade discount is 20% and the credit terms is 3/15, n/40. Compute for the amount to be paid by MABEL Company if it pays the invoice on March 11, 2022.
2. There were no beginning inventories and that the unsold items form part of the ending inventories. Required: Determine the amounts of COGS using specific identification.
Determine the amounts of ending inventory using specific identification.
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- Presented below pertains to Amsterdam Corporation on December 31, 2020:Treasury warrants 300,000Treasury bills, due on 1/31/2021 (purchased on 1/31/2020) 300,000Treasury bills, due on 3/31/2021 (purchased on 12/31/2020) 200,000Postage stamps 1,000CM from Tokyo Corporation, a vendor, for a purchase return 20,000BPI Checking account (100,000)Metrobank Checking account 2,000,000Postal Money Order 30,000Traveler’s check 50,000Postdated check of Donald Tramp, an employee 4,000Restricted foreign bank account (equivalent to pesos_ 1,000,000IOU from eldest brother of Jonathan Fabian, the company controller 10,000Listed stocks held as temporary investments 15,000Payroll account 500,000Petty Cash fund (net of expense receipts pf P 6,000) 4,000Additional information:1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailedto suppliers on January 5, 2021.2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailedon…DescriptionMotor vehicles50 000 DtAccumulated depreciation on motor vehicles5 000 CrDebtors control45 000 DtBank: one 7 550 DtBank two:650 CrEquipment25 000 DtAccumulated depreciation on equipment2 100 CrCreditors control15 600 CrShare capital3 000 CrRetained earnings31 800 CrRental income13 000 CrInventory: Finished products8 500 DtSale of goods135 000 CrWater and electricity8 800 DtSalaries and wages55 000 CrPrinting and stationery6 300 Cr206 150(206 150) Adjustments:1. Rental income earned monthly amounts to R1 000.2. Printing and stationery on hand as at 31 December 2021 amounted to R800.3. Cleaning expenses of R250 was incorrectly posted to the salaries and wages account.4. Discount of R150 was given to a debtor who settled her account before due date.5. The municipal account for December 2021 was not yet received.…How much should be recorded as the purchase price of theindividual PPE items: For items 18 to 22, identify the amount to be included asEquipment 18. Payment for injuries to third‐parties not covered byinsurance – P200,00019. Freight amounted to P50,000 and freight insuranceamounted to P5,000.20. Site preparation of P100,000 and installment cost ofP75,000.21. Test run cost which includes P10,000 materials, P15,000direct labor cost, P1,000 allocated supervisor’s salary andother overhead cost of P5,000. The good produced was soldfor P30,000.22. Value‐added tax amounting to P100,00023. Import tax of P30,00
- BLOCK D/2018/1 In t1, you purchase goods on target in the amount of € 9 thousand (net). Furthermore, transport costs of € 500 (net) to be paid to an external service provider for the purchase of the goods are incurred (incidental acquisition costs); payment is also made on destination. Your col- lege posts the goods receipt as follows: purchase of goods € 9,000 and amounts of € 1,710 intrade payables € 10,710 as well as Other operating expenses for trade payables €500. The goods are to be sold in t2. It is foreseeable that you will be able to sell the goods witha high profit margin. Do the postings of the colleague lead to an accrual determination of success? If further bookings or corrections are required in t1, make them and justify your action with reference to the possible bookings. relevant legal regulations!Honesty purchased an item with a catalog price of P10,000. The invoice dated March 1 indicates a term of 20%, 2/10, n/30. The invoice also indicates that the term of the shipment is FOB shipping point. The seller paid the freight of P1,000 since the shipping company refuses to load the cargo unless the freight is prepaid. How much is the invoice amount of the purchase? P7,840 P8,000 P10,000 P9,000Prepa3the journal entry of the transaction below: Jan. 5 Purchased the following merchandise from Rebis Co.: • 300 reams of bond paper (P300 list price per ream) • 500 pieces of ballpen (P5 list price per piece) • 100 pieces of standard calculator (P400 list price per piece) Payment terms: Trade discount on total cost of 10%, cash discount of 2/10, n/30.
- The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the final payment paid by the buyer in case he paid the account not within the discount period and if P5,000 worth of goods is returned due to defective deliveries? 3,595,000 4,026,400 3,595,000 4,029,760Cucu Company sells gift certificates redeemable only when merchandise is purchase. The certificates have anexpiration date two years after issuance date. Upon redemption or expiration, Cucu Company recognizes theunearned revenue as realized. Data for 2020 are as follows:Unearned revenue, 1/1/2020 P800,000Gift certificates sold 4,000,000Gift certificates redeemed 3,200,000Expired gift certificates 400,000Cost of goods sold 60%At December 31, 2020, what amount of current liability should Cucu report in relation to gift certificates?a. P1,200,000 b. P800,000 c. P400,000 d. d. P0The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:10. If the term is FOB shipping point, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
- The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the amount recorded in the cash payments journal upon issuance of check for payment within the discount period? 3,528,000 3,951,360 4,001,360 Answer not givenJungkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. Jungkook Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid? A. 0 B. 2,950 C. 3,050 D. 3,000Sold goods for cash to K.Kind R387.The price code is 'RKK'. The cost code is 'SPRINGBOCK'(S=1)