A.Selected information from the separate and consolidated income statements of CHARTER LTD. and as subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows: Sales COGS Gross profit CHARTER LTD. P600,000 450,000 P150,000 MEMBER INC. P420,000 330,000 P 90,000 |Consolidated P924,000 693,000 P231,000 During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost that CHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.
A.Selected information from the separate and consolidated income statements of CHARTER LTD. and as subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows: Sales COGS Gross profit CHARTER LTD. P600,000 450,000 P150,000 MEMBER INC. P420,000 330,000 P 90,000 |Consolidated P924,000 693,000 P231,000 During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost that CHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of these goods and still held 37.5% of them in inventory. Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A.Selected information from the separate and consolidated income statements of CHARTER LTD. and
as subsidiary, MEMBER INC. for the year ended December 31, 2021 are as follows:
|CHARTER LTD.
P600,000
Consolidated
P924,000
693,000
MEMBER INC.
Sales
P420,000
330,000
P 90,000
COGS
450,000
| Gross profit
P150,000
P231,000
During 2021, CHARTER LTD. sold goods to MEMBER INC. at the same mark-up on cost that
CHARTER LTD. uses for all sales. At December 31, 2021, MEMBER INC. had not paid all of these
goods and still held 37.5% of them in inventory.
Compute for the original cost of goods in MEMBER INC.'s inventory acquired from Apple.
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