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Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending what were purchase returns and allowances? inventory is P4,000. If there is no freight in and total purchases were P8,250, a. P850 b. P500 C. P350 d. none of the above

Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending what were purchase returns and allowances? inventory is P4,000. If there is no freight in and total purchases were P8,250, a. P850 b. P500 C. P350 d. none of the above

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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inventory is P4,000. If there is no freight in and total purchases were P8,250, inst Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending 1. what were purchase returns and allowances? a. P850 b. P500 C. P350 d. none of the above 2 Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 c. P120,000 d. none of the above Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases D. Cost of goods available for sale
Transcribed Image Text:inventory is P4,000. If there is no freight in and total purchases were P8,250, inst Cost of goods sold is P7,400. Beginning inventory is P3,500 and ending 1. what were purchase returns and allowances? a. P850 b. P500 C. P350 d. none of the above 2 Cost of goods sold is P8,000 greater than net purchases. Beginning inventory is P120,000. What is ending inventory? a. P112,000 b. P128,000 c. P120,000 d. none of the above Purchases of inventory minus purchase discounts and minus purchase returns and allowances equals: a. gross purchases D. Cost of goods available for sale
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