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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
![Epsilon Corp. reported the following information for the current year:
Beginning inventory.
Purchases.
.P
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
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
6. What is the cost of sales?
A. P21,900,000
7. What is the estimated cost of inventory shortage?
A. P1,800,000
В. Р31,000,000
С. Р 3,000,000
D. P 29,500,000
В. Р 22,200,000
C. P21,300,000
D. P 24,000,000
В. Р 2,700,000
С.Р 1,200,000
D. P2,100,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5655083-1569-4976-8ec2-1db74a345943%2Ff03e2fe7-965d-4490-b8e6-3731a1f00122%2Flf6jk1m_processed.png&w=3840&q=75)
Transcribed Image Text:Epsilon Corp. reported the following information for the current year:
Beginning inventory.
Purchases.
.P
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
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
6. What is the cost of sales?
A. P21,900,000
7. What is the estimated cost of inventory shortage?
A. P1,800,000
В. Р31,000,000
С. Р 3,000,000
D. P 29,500,000
В. Р 22,200,000
C. P21,300,000
D. P 24,000,000
В. Р 2,700,000
С.Р 1,200,000
D. P2,100,000
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