he company, a wholesaler, budgeted sales for the indicated months June Sales on account P1,800,000 Cash sales 240.000 Total sales P2,010,000 July Sales on account P1,920,000 Cash sales 250.000 Total sales P2,170,000 August Sales on account P2,010,000 Cash sales 260.000 Total sales P2,300,000 All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. The cost of goods sold for the month of June is anticipated to be a. P1,632,000 b. P1,836,000 c. P1,428,000 d. P1,530,000 2. merchandise purchases for July are anticipated to be a. P1,926,600 b. P1.658,700 c. P1,767,200 d. P1,736,000
The company, a wholesaler, budgeted sales for the indicated months
June
Sales on account P1,800,000
Cash sales 240.000
Total sales P2,010,000
July
Sales on account P1,920,000
Cash sales 250.000
Total sales P2,170,000
August
Sales on account P2,010,000
Cash sales 260.000
Total sales P2,300,000
All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories
at the beginning of each month are at 30% of that month's projected cost of goods sold.
The cost of goods sold for the month of June is anticipated to be
a. P1,632,000
b. P1,836,000
c. P1,428,000
d. P1,530,000
2. merchandise purchases for July are anticipated to be
a. P1,926,600
b. P1.658,700
c. P1,767,200
d. P1,736,000
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