Epsilon Corp. reported the following information for the current year: Beginning inventory.. 5,000,000 26,000,000 2,000,000 3,500,000 1,500,000 40,000,000 3,000,000 500,000 1,000,000 Purchases. Freight In. Purchase returns and allowances. Purchase discounts... Sales.. Sales returns.. Sales allowances. Sales discounts. The physical count taken at year-end resulted in an ending inventory of P 4,000,000. At year- end, unsold merchandise out on consignment with selling price of P 1,000,000 are in the hands of a consignee. The gross profit was 40% on sales. 5. What is the cost of goods available for sale? A. P 28,000,000 B. P31,000,000 С. Р33,000,000 D. P 29,500,000 6. What is the cost of sales? A. P21,900,000 7. What is the estimated cost of inventory shortage? A. P1,800,000 B. P 22,200,000 C. P 21,300,000 D. P 24,000,000 B. P2,700,000 С.Р 1,200,000 D. P2,100,000

Epsilon Corp. reported the following information for the current year: Beginning inventory.. 5,000,000 26,000,000 2,000,000 3,500,000 1,500,000 40,000,000 3,000,000 500,000 1,000,000 Purchases. Freight In. Purchase returns and allowances. Purchase discounts... Sales.. Sales returns.. Sales allowances. Sales discounts. The physical count taken at year-end resulted in an ending inventory of P 4,000,000. At year- end, unsold merchandise out on consignment with selling price of P 1,000,000 are in the hands of a consignee. The gross profit was 40% on sales. 5. What is the cost of goods available for sale? A. P 28,000,000 B. P31,000,000 С. Р33,000,000 D. P 29,500,000 6. What is the cost of sales? A. P21,900,000 7. What is the estimated cost of inventory shortage? A. P1,800,000 B. P 22,200,000 C. P 21,300,000 D. P 24,000,000 B. P2,700,000 С.Р 1,200,000 D. P2,100,000

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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