The home office of SG Company, which uses the perpetual inventory system, bills shipments of merchandise to the Popsters Branch at a markup of 25% on the billed price. On August 31, 2020, the credit balance of the home office’s Allowance for Overvaluation of Inventories – Popsters Branch ledger account was P60,000. On September 17, 2020, the home office shipped merchandise to the branch at a billed price of P400,000. The branch reported an ending inventory, at billed price, of P160,000 on September 31, 2020. Compute the realized gross profit for the month of September 2020:Required to answer. Single line text.
The home office of SG Company, which uses the perpetual inventory system, bills shipments of merchandise to the Popsters Branch at a markup of 25% on the billed price. On August 31, 2020, the credit balance of the home office’s Allowance for Overvaluation of Inventories – Popsters Branch ledger account was P60,000. On September 17, 2020, the home office shipped merchandise to the branch at a billed price of P400,000. The branch reported an ending inventory, at billed price, of P160,000 on September 31, 2020. Compute the realized gross profit for the month of September 2020:Required to answer. Single line text.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter8: Gross Profit Method (gp)
Section: Chapter Questions
Problem 1R: On September 30, 2013, the general ledger of Leons Golf Shop, which uses the calendar year as its...
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The home office of SG Company, which uses the perpetual inventory system, bills shipments of merchandise to the Popsters Branch at a markup of 25% on the billed price. On August 31, 2020, the credit balance of the home office’s Allowance for Overvaluation of Inventories – Popsters Branch ledger account was P60,000. On September 17, 2020, the home office shipped merchandise to the branch at a billed price of P400,000. The branch reported an ending inventory, at billed price, of P160,000 on September 31, 2020. Compute the realized gross profit for the month of September 2020:Required to answer. Single line text.
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