The following information pertain to the only sale of inventory transaction of Orion Company in 2023: Date of sale - December 23, 2023; No. of units sold - 10,000; Selling price -P150 per unit; Right to return period - within 15 days: Estimated return for cash refund within 15 days - 5% of units sold; Estimated return for exchange of equal or greater value of merchandise - 10%; Cost per unit - P100 Question: - Compute the amount of sales to be recognized in 2023. A. P1,500,000 B. P1,475,000 C. P1,425,000 D. P1,000,000 - What amount of cost goods sold will appear in the 2023 statement of income? A. P925,000 B. P950,000 C. P975,000 D. P1,000,000
The following information pertain to the only sale of inventory transaction of Orion Company in 2023: Date of sale - December 23, 2023; No. of units sold - 10,000; Selling price -P150 per unit; Right to return period - within 15 days: Estimated return for cash refund within 15 days - 5% of units sold; Estimated return for exchange of equal or greater value of merchandise - 10%; Cost per unit - P100 Question: - Compute the amount of sales to be recognized in 2023. A. P1,500,000 B. P1,475,000 C. P1,425,000 D. P1,000,000 - What amount of cost goods sold will appear in the 2023 statement of income? A. P925,000 B. P950,000 C. P975,000 D. P1,000,000
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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...
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The following information pertain to the only sale of inventory transaction of Orion Company in 2023:
Date of sale - December 23, 2023; No. of units sold - 10,000; Selling price -P150 per unit; Right to return period - within 15 days: Estimated return for cash refund within 15 days - 5% of units sold; Estimated return for exchange of equal or greater value of merchandise - 10%; Cost per unit - P100
Question:
- Compute the amount of sales to be recognized in 2023.
- Compute the amount of sales to be recognized in 2023.
A. P1,500,000
B. P1,475,000
C. P1,425,000
D. P1,000,000
- What amount of cost goods sold will appear in the 2023 statement of income?
A. P925,000
B. P950,000
C. P975,000
D. P1,000,000
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