Ami Retailers purchased merchandise with a list price of ₱100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should Ami record the cost of this merchandise if the gross method is used? 100,000 80,000 c. 98,000 d. 78,400 Use the following information for the next two questions: Campbell's Clothing Store sells jeans. During January 2002, its inventory records for one brand of designer jeans were as follows: Beginning Inventory .................... 10 pairs @ ₱ 20 = ₱200 January 6 Purchase ..................... 4 pairs @ 25 = 100 January 10 Sale ........................ 5 pairs January 15 Purchase .................... 7 pairs @ 30 = 210 January 20 Sale ........................ 10 pairs January 25 Purchase .................... 4 pairs @ 30 = 120 1.How much is the cost of goods sold using periodic FIFO? 330 300 c. 430 d. 250 2. How much is the cost of goods sold using the weighted average cost method applied in a periodic inventory system? 378 358 c. 265 d. 236
Ami Retailers purchased merchandise with a list price of ₱100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should Ami record the cost of this merchandise if the gross method is used? 100,000 80,000 c. 98,000 d. 78,400 Use the following information for the next two questions: Campbell's Clothing Store sells jeans. During January 2002, its inventory records for one brand of designer jeans were as follows: Beginning Inventory .................... 10 pairs @ ₱ 20 = ₱200 January 6 Purchase ..................... 4 pairs @ 25 = 100 January 10 Sale ........................ 5 pairs January 15 Purchase .................... 7 pairs @ 30 = 210 January 20 Sale ........................ 10 pairs January 25 Purchase .................... 4 pairs @ 30 = 120 1.How much is the cost of goods sold using periodic FIFO? 330 300 c. 430 d. 250 2. How much is the cost of goods sold using the weighted average cost method applied in a periodic inventory system? 378 358 c. 265 d. 236
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
- Ami Retailers purchased merchandise with a list price of ₱100,000, subject to a trade discount of 20 percent and credit terms of 2/10, n/30. At what amount should Ami record the cost of this merchandise if the gross method is used?
- 100,000 80,000 c. 98,000 d. 78,400
Use the following information for the next two questions:
Campbell's Clothing Store sells jeans. During January 2002, its inventory records for one brand of designer jeans were as follows:
|
Beginning Inventory .................... |
10 pairs |
@ |
₱ 20 = |
₱200 |
|
January 6 Purchase ..................... |
4 pairs |
@ |
25 = |
100 |
|
January 10 Sale ........................ |
5 pairs |
|
|
|
|
January 15 Purchase .................... |
7 pairs |
@ |
30 = |
210 |
|
January 20 Sale ........................ |
10 pairs |
|
|
|
|
January 25 Purchase .................... |
4 pairs |
@ |
30 = |
120 |
1.How much is the cost of goods sold using periodic FIFO?
-
- 330 300 c. 430 d. 250
2. How much is the cost of goods sold using the weighted average cost method applied in a periodic inventory system?
-
- 378 358 c. 265 d. 236
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