The following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory, Dec 31 P11,000 Gross Sales, 446,250 Sales returns, P10,000 Gross profit is 25% of cost How much was the beginning inventory during the year? 23,000 15,000 7,000 1,000
The following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory, Dec 31 P11,000 Gross Sales, 446,250 Sales returns, P10,000 Gross profit is 25% of cost How much was the beginning inventory during the year? 23,000 15,000 7,000 1,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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35.The following data were available for ABC Corp at Dec 31, 20X2:
Net purchases P345,000
Inventory, Dec 31 P11,000
Gross Sales, 446,250
Sales returns, P10,000
Gross profit is 25% of cost
How much was the beginning inventory during the year?
Net purchases P345,000
Inventory, Dec 31 P11,000
Gross Sales, 446,250
Sales returns, P10,000
Gross profit is 25% of cost
How much was the beginning inventory during the year?
23,000
15,000
7,000
1,000
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