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. Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending 1. inventory is P4,000. If there is no freight in and total purchases were P8,250, what were purchase returns and allowances? a. P850 b. P500 C. P350 d. none of the above 2. Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 с. Р120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale C. net purchases d. cost of goods sold 4. Beginning inventory plus net purchases and plus freight in equals: a. net purchases b. cost of goods available for sale C. cost of goods sold d. gross purchases

. Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending 1. inventory is P4,000. If there is no freight in and total purchases were P8,250, what were purchase returns and allowances? a. P850 b. P500 C. P350 d. none of the above 2. Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 с. Р120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale C. net purchases d. cost of goods sold 4. Beginning inventory plus net purchases and plus freight in equals: a. net purchases b. cost of goods available for sale C. cost of goods sold d. gross purchases

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending inventory is P4,000. If there is no freight in and total purchases were P8,250, what were purchase returns and allowances? a. P850 b. P500 C. P350 d. none of the above 2. Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 C. P120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale net purchases d. cost of goods sold C. 4. Beginning inventory plus net purchases and plus freight in equals: a. net purchases b. cost of goods available for sale C. cost of goods sold d. gross purchases 5. Cost of goods sold plus ending inventory equals:
Transcribed Image Text:1. Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending inventory is P4,000. If there is no freight in and total purchases were P8,250, what were purchase returns and allowances? a. P850 b. P500 C. P350 d. none of the above 2. Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 C. P120,000 d. none of the above 3. Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases b. cost of goods available for sale net purchases d. cost of goods sold C. 4. Beginning inventory plus net purchases and plus freight in equals: a. net purchases b. cost of goods available for sale C. cost of goods sold d. gross purchases 5. Cost of goods sold plus ending inventory equals:
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