44.The following data were available for ABC Corp at Nov 7, 20X2: Net purchases ( Jan 1-Nov 7) P75,000 Inventory, Jan1 P4,000 Gross Sales, P115,000 Sales discount, P7,000 Gross profit is 50% of cost A fire destroyed the warehouse on Nov 7, 20X2 and destroyed 75% of the ending inventory. How much was the ending inventory at Nov 7, 20X2? 2,333 7,000 21,500
44.The following data were available for ABC Corp at Nov 7, 20X2: Net purchases ( Jan 1-Nov 7) P75,000 Inventory, Jan1 P4,000 Gross Sales, P115,000 Sales discount, P7,000 Gross profit is 50% of cost A fire destroyed the warehouse on Nov 7, 20X2 and destroyed 75% of the ending inventory. How much was the ending inventory at Nov 7, 20X2? 2,333 7,000 21,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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44.The following data were available for ABC Corp at Nov 7, 20X2:
Net purchases ( Jan 1-Nov 7) P75,000
Inventory, Jan1 P4,000
Gross Sales, P115,000
Sales discount, P7,000
Gross profit is 50% of cost
A fire destroyed the warehouse on Nov 7, 20X2 and destroyed 75% of the ending inventory.
How much was the ending inventory at Nov 7, 20X2?
Net purchases ( Jan 1-Nov 7) P75,000
Inventory, Jan1 P4,000
Gross Sales, P115,000
Sales discount, P7,000
Gross profit is 50% of cost
A fire destroyed the warehouse on Nov 7, 20X2 and destroyed 75% of the ending inventory.
How much was the ending inventory at Nov 7, 20X2?
2,333
7,000
21,500
25,000
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