Beginning inventory - 18,850.00 Payable, beginning - 7,500.00 Payable, November 30 - 1,980.00 Payments to supplier - 51,450.00 Transportation in - 4,760.00 Purchase returns - 1,570.00 Sales up to November 30 - 75,200.00 Sales returns - 5,300.00 Sales discounts - 3,300.00 GPR based on sales - 25% Additional information: Goods in transit as of November 30, 20x1 amounted to P5,000 and materials damaged by flood can be sold at a salvage value of P2,580. Inventory loss is
Beginning inventory - 18,850.00 Payable, beginning - 7,500.00 Payable, November 30 - 1,980.00 Payments to supplier - 51,450.00 Transportation in - 4,760.00 Purchase returns - 1,570.00 Sales up to November 30 - 75,200.00 Sales returns - 5,300.00 Sales discounts - 3,300.00 GPR based on sales - 25% Additional information: Goods in transit as of November 30, 20x1 amounted to P5,000 and materials damaged by flood can be sold at a salvage value of P2,580. Inventory loss is
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 1, 20x1, the warehouse of A Company and all inventories contained therein were damaged by flood. Off-site back up of data base shows the following data:
Beginning inventory - 18,850.00
Payable, beginning - 7,500.00
Payable, November 30 - 1,980.00
Payments to supplier - 51,450.00
Transportation in - 4,760.00
Purchase returns - 1,570.00
Sales up to November 30 - 75,200.00
Sales returns - 5,300.00
Sales discounts - 3,300.00
GPR based on sales - 25%
Additional information: Goods in transit as of November 30, 20x1 amounted to P5,000 and materials damaged by flood can be sold at a salvage value of P2,580. Inventory loss is
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