Bernie Bird Company provided the following information for the currentyear:Inventory, January 12,000,000Purchases7,500,000Purchase returns and500,000allowancesSales returns and750,000allowancesInventory, December 3120%Gross profit rate on netsalesWhat is the amount of gross sales for the current year?O P7,000,000P7,750,000O P8,500,000O P9,125,000

Name: Bernie Bird Company provided the following information for the curren
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Description: Bernie Bird Company provided the following information for the currentyear:Inventory, January 12,000,000Purchases7,500,000Purchase returns and500,000allowancesSales returns and750,000allowancesInventory, December 3120%Gross profit rate on netsalesWh

Gross profit means the difference between the sale revenue and cost of production. Sale means the…

Business

Accounting

Bernie Bird Company provided the following information for the current year: Inventory, January 1 000'000 Purchases 000'000 Purchase returns and 000'00 allowances Sales returns and 000'0s allowances Inventory, December 31 000'008'7 20% Gross profit rate on net sales What is the amount of gross sales for the current year? 000'000ʻLd P7,750,000 P8,500,000 P9,125,000

Bernie Bird Company provided the following information for the current year: Inventory, January 1 000'000 Purchases 000'000 Purchase returns and 000'00 allowances Sales returns and 000'0s allowances Inventory, December 31 000'008'7 20% Gross profit rate on net sales What is the amount of gross sales for the current year? 000'000ʻLd P7,750,000 P8,500,000 P9,125,000

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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