00 693,000 Gross profit P150,000 P 90,000 P
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Selected information from the separate and consolidated income statements of CHAELISA LTD.
and as subsidiary, JENSOO INC. for the year ended December 31, 2021 are as follows:
CHAELISA LTD. JENSOO
INC.
Consolidated
Sales P600,000 P420,000 P924,000
COGS 450,000 330,000 693,000
Gross profit P150,000 P 90,000 P231,000
During 2021, CHAELISA LTD. sold goods to JENSOO INC. at the same mark-up on cost that
CHAELISA LTD. uses for all sales. At December 31, 2021, JENSOO INC. had not paid all of these
goods and still held 37.5% of them in inventory.
Compute for the original cost of goods in JENSOO INC.’s inventory acquired from Apple.
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