33. The current assets of Mayon Enterprise consists of cash, accounts receivable, and inventory. The following information is available:Credit sales75% of total salesInventory turnover 5 timesWorking capital P1,120,000Current ratio2 to 1Quick ratio1.25 to 1Average Collection period42 daysWorking days360 The estimated costs of goods sold is

Cost of goods sold is the amount of cost for the goods which are sold. It shows the cost for making…

Answered: 3. The current assets of Mayon…

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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33. The current assets of Mayon Enterprise consists of cash, accounts receivable, and inventory. The following information is available:

Credit sales	75% of total sales
Inventory turnover	5 times
Working capital	P1,120,000
Current ratio	2 to 1
Quick ratio	1.25 to 1
Average Collection period	42 days
Working days	360

The estimated costs of goods sold is

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