01Ross Company provided the following data for the current.year:Problem 14-11 (IAA)RetailCost1,650,0004,200,0002,000,0006NBeginning inventoryNet purchasesNet markupNet markdown800,000200,000 -Net salesThe entity used the average retail inventory method toestimate ending inventory.It was determined that the average cost of the endinginventory was P1,950,000.If the entity used the FIF0 retail method, the cost ratiowould have been 60%.1. What is the amount of net purchases at original retailbefore markup and markdown?a. 7,600,000b. 7,000,000с. 4,200,000d. 6,400,0002. What amount was reported as net sales?a. 9,000,000b. 3,000,000c. 6,000,000d. 7,000,0003. What amount was reported as cost of goods sold?a. 3,900,000b. 3,000,000c. 3,600,000d. 1,800,000398E HA C

3. Calculation of Cost of Goods sold Amount of Cost of Goods sold was Option a -…

Answered: 2. What amount was reported as net…

2. What amount was reported as net sales? a. 9,000,000 b. 3,000,000 c. 6,000,000 d. 7,000,000 3. What amount was reported as cost of goods sold? a. 3,900,000 b. 3,000,000 c. 3,600,000

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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Question

01
Ross Company provided the following data for the current.
year:
Problem 14-11 (IAA)
Retail
Cost
1,650,000
4,200,000
2,000,000
6N
Beginning inventory
Net purchases
Net markup
Net markdown
800,000
200,000 -
Net sales
The entity used the average retail inventory method to
estimate ending inventory.
It was determined that the average cost of the ending
inventory was P1,950,000.
If the entity used the FIF0 retail method, the cost ratio
would have been 60%.
1. What is the amount of net purchases at original retail
before markup and markdown?
a. 7,600,000
b. 7,000,000
с. 4,200,000
d. 6,400,000
2. What amount was reported as net sales?
a. 9,000,000
b. 3,000,000
c. 6,000,000
d. 7,000,000
3. What amount was reported as cost of goods sold?
a. 3,900,000
b. 3,000,000
c. 3,600,000
d. 1,800,000
398
E HA C

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