end December 31, 20B. P200,000 280,000 Merchandise Inventory, end Sales 300,000 150,000 Purchases Merchandise Inventory, beg. 5,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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he following were data taken from the records of Evelyn Basa Department Store for the ve
end December 31, 20B.
P200,000
Merchandise Inventory, end
280,000
Sales
Purchases
300,000
150,000
5,000
Merchandise Inventory, beg.
Sales Returns & Allowances
Purchase Discounts
20,000
Sales Discounts
15,000
Freight in
1,500
Required: Compute the following
1. Net Sales
2. Cost of Sales
3. Gross Profit
Transcribed Image Text:he following were data taken from the records of Evelyn Basa Department Store for the ve end December 31, 20B. P200,000 Merchandise Inventory, end 280,000 Sales Purchases 300,000 150,000 5,000 Merchandise Inventory, beg. Sales Returns & Allowances Purchase Discounts 20,000 Sales Discounts 15,000 Freight in 1,500 Required: Compute the following 1. Net Sales 2. Cost of Sales 3. Gross Profit
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