Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed prices during March were as foallows: March 5, 2022 (at 10% mark-up) P165,000 March 10, 2022 (at 20% mark- 240,000 up) March 20, 2022 (at 25% mark- 175,000 up) On March 21, 2022, the branch returned defective merchandise which was billed at P15,000 (received on March 20, 2022). The monthly report submitted by the branch to the home office for the month of March showed that unsold inventory was P196,000. The branch reported net income for the month of March of P49,500. How much is the true cost of goods sold of the branch in March?
Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed prices during March were as foallows: March 5, 2022 (at 10% mark-up) P165,000 March 10, 2022 (at 20% mark- 240,000 up) March 20, 2022 (at 25% mark- 175,000 up) On March 21, 2022, the branch returned defective merchandise which was billed at P15,000 (received on March 20, 2022). The monthly report submitted by the branch to the home office for the month of March showed that unsold inventory was P196,000. The branch reported net income for the month of March of P49,500. How much is the true cost of goods sold of the branch in March?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed prices during March were as foallows:
March 5, 2022 (at 10% mark-up) P165,000
March 10, 2022 (at 20% mark- 240,000 up)
March 20, 2022 (at 25% mark- 175,000 up)
On March 21, 2022, the branch returned defective merchandise which was billed at P15,000 (received on March 20, 2022). The monthly report submitted by the branch to the home office for the month of March showed that unsold inventory was P196,000. The branch reported net income for the month of March of P49,500.
How much is the true cost of goods sold of the branch in March?
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