9. The following data is for the J.M Paculan Corporation:P600,00042,00077,00019,000Sales revenueFreight inBeginning inventoryPurchase discountsSales returns and allowances33,000Operating expensesEnding inventory77,00081,000415,00035,00071,000PurchasesSales discountsJ.M. Paculan, withdrawalsPurchase returns and allowances39,000The total cost of goods available for sale for the J.M. Paculan Corporationis:a. P489,000b. P408,000C. P476,000d. P441,00010. The cost of goods sold for J.M. Paculan Corporation is:a. P524,000b. P489,000C. P557,000d. P395,00011. The closing process includes crediting the following accounts to bring theirbalances to zero:a. allowance for doubtful accountsb. purchases and freight inc. purchase discounts and sales discountsd. purchase returns and allowances and purchase discounts

*The cost of goods available for sale is the sum of beginning inventory, net purchase, and freight…

Answered: 9. The following data is for the J.M…

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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