A portion of the SPARK COMPANY's statement of financial position appears as follows: December 31, 2017 December 31, 2016 Assets: Cash Notes receivable Inventory Liabilities: Accounts payable P353,300 0 ? 75,000 Spark Company pays for all operating expenses with cash and purchases all inventory on cre During 2017, cash totaling P471,700 was paid on accounts payable. Operating expenses for 2 totaled P220,000. All sales are cash sales. The inventory was restocked by purchasing 1,5 units per month and valued by using periodic FIFO. The unit cost of inventory was P32.60 dum January 2017 and increased P0.10 per month during the year. Spark selis only one product. sales are made for P50 per unit. The ending invertory for 2016 was valued at P32.50 per um . fem Based on the preceding information, compute the following: 46. Number of units sold during 2017 A. 7,066 B. 18,400 47. Accounts payable balance at December 31, 2017 A. P190,100 B. P50,000 48. Inventory quantity on December 31, 2017 A. 5,750 B. 2,750 49. Cost of inventory on December 31, 2017 A. P187,450 B. P186,875 C. 4,268 C. P199,100 C 17,084 C. P192,950 50. Cost of goods sold for the year ended December 31, 2017 B. P609,700 A. P609,125 C. P606,915 P100,000 25,000 199,875 3 Go +38 2 D. 13,400 D. 9200,000 D. 10,750 D. P189,660 D. P603,625

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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PROBLEM NO. 10
A portion of the SPARK COMPANY's statement of financial position appears as follows:
December 31, 2017
December 31, 2016
Assets:
Cash
Notes receivable
Inventory
Liabilities:
Accounts payable
75,000
Spark Company pays for all operating expenses with cash and purchases all inventory on cred
During 2017, cash totaling P471,700 was paid on accounts payable. Operating expenses for 20
totaled P220,000. All sales are cash sales. The inventory was restocked by purchasing 1,5
units per month and valued by using periodic FIFO. The unit cost of inventory was P32.60 dur
January 2017 and increased P0.10 per month during the year. Spark selis only one product.
sales are made for P50 per unit. The ending invertory for 2016 was valued at P32.50 per uni
3
Based on the preceding information, compute the following:
46. Number of units sold during 2017
A. 7,066
B. 18,400
47. Accounts payable balance at December 31, 2017
A. P190,100
B. P50,000
48. Inventory quantity on December 31, 2017
A. 5,750
B. 2,750
P353,300
0
?
49. Cost of inventory on December 31, 2017
A. P187,450
e. P186,875
Da A. P609,125
C. 4,268
C. P199,100
C. 17,084
C. P192,950
50. Cost of goods sold for the year ended December 31, 2017
B. P609,700
C. P606,915
P100,000
25,000
199,875
------000000000---
"
Go + 38.
2
D. 13,400
D. 9200,000
D. 10,750
D. P189,660
D. P603,625
NORGE
Transcribed Image Text:PROBLEM NO. 10 A portion of the SPARK COMPANY's statement of financial position appears as follows: December 31, 2017 December 31, 2016 Assets: Cash Notes receivable Inventory Liabilities: Accounts payable 75,000 Spark Company pays for all operating expenses with cash and purchases all inventory on cred During 2017, cash totaling P471,700 was paid on accounts payable. Operating expenses for 20 totaled P220,000. All sales are cash sales. The inventory was restocked by purchasing 1,5 units per month and valued by using periodic FIFO. The unit cost of inventory was P32.60 dur January 2017 and increased P0.10 per month during the year. Spark selis only one product. sales are made for P50 per unit. The ending invertory for 2016 was valued at P32.50 per uni 3 Based on the preceding information, compute the following: 46. Number of units sold during 2017 A. 7,066 B. 18,400 47. Accounts payable balance at December 31, 2017 A. P190,100 B. P50,000 48. Inventory quantity on December 31, 2017 A. 5,750 B. 2,750 P353,300 0 ? 49. Cost of inventory on December 31, 2017 A. P187,450 e. P186,875 Da A. P609,125 C. 4,268 C. P199,100 C. 17,084 C. P192,950 50. Cost of goods sold for the year ended December 31, 2017 B. P609,700 C. P606,915 P100,000 25,000 199,875 ------000000000--- " Go + 38. 2 D. 13,400 D. 9200,000 D. 10,750 D. P189,660 D. P603,625 NORGE
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