28. Kokong Company provided the following information for the current year: P 2,100,000 Accounts receivable, January 1 Accounts receivable, December 31 Collections of accounts during the year Inventory, January 1 Purchases during the year All sales are made on account. The mark up on cost is 2,700,000 9,000,000 4,500,000 5,800,000 20% What is the estimated inventory at December 31? a. 9,600,000 b. 2,600,000 c. 2,300,000 d. 1,700,000

28. Kokong Company provided the following information for the current year: P 2,100,000 Accounts receivable, January 1 Accounts receivable, December 31 Collections of accounts during the year Inventory, January 1 Purchases during the year All sales are made on account. The mark up on cost is 2,700,000 9,000,000 4,500,000 5,800,000 20% What is the estimated inventory at December 31? a. 9,600,000 b. 2,600,000 c. 2,300,000 d. 1,700,000

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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