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Cherry Lopez runs the Wear Ever Store. The following are some of the transactions during January 2020:   02   Purchased merchandise form Hongkong Wear P44,800 on account. 10   Paid shipping fee of P2,000 for the purchase from Hongkong Wear. 15   Purchased merchandise from Folks Wear, 44,800 on account and paid cash for        freight, P1,400. 20   Paid salaries, P14,000. 25   Ordered and received goods from Bulacan Wear, P10,000 cash.   Additional information: Inventory beginning was P200,000 Physical count of goods on January 31 showed unsold inventory of P53,000.   CALCULATE THE FOLLOWING AND PREPARE THE COST OF SALES SCHEDULE. Total Purchases for the month of January. Total Goods Available for Sale Cost of Sale

Cherry Lopez runs the Wear Ever Store. The following are some of the transactions during January 2020:   02   Purchased merchandise form Hongkong Wear P44,800 on account. 10   Paid shipping fee of P2,000 for the purchase from Hongkong Wear. 15   Purchased merchandise from Folks Wear, 44,800 on account and paid cash for        freight, P1,400. 20   Paid salaries, P14,000. 25   Ordered and received goods from Bulacan Wear, P10,000 cash.   Additional information: Inventory beginning was P200,000 Physical count of goods on January 31 showed unsold inventory of P53,000.   CALCULATE THE FOLLOWING AND PREPARE THE COST OF SALES SCHEDULE. Total Purchases for the month of January. Total Goods Available for Sale Cost of Sale

FINANCIAL ACCOUNTING
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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Cherry Lopez runs the Wear Ever Store. The following are some of the transactions during January 2020:

 

02   Purchased merchandise form Hongkong Wear P44,800 on account.

10   Paid shipping fee of P2,000 for the purchase from Hongkong Wear.

15   Purchased merchandise from Folks Wear, 44,800 on account and paid cash for

       freight, P1,400.

20   Paid salaries, P14,000.

25   Ordered and received goods from Bulacan Wear, P10,000 cash.

 

Additional information:

  • Inventory beginning was P200,000
  • Physical count of goods on January 31 showed unsold inventory of P53,000.

 

CALCULATE THE FOLLOWING AND PREPARE THE COST OF SALES SCHEDULE.

  • Total Purchases for the month of January.
  • Total Goods Available for Sale
  • Cost of Sale
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