Hereunder are the nominal or temporary accounts of Lydia Merchandising on December31, 2019.SalesP1800.000.0040,000.0012,000 00Interest IncomeGainsInventory, BeginningPurchasesFreight InPurchase Returns and AlowancesPurchase DiacountsFreight OutSales CommissionAdvertising ExpensesSalaries ExpensesRent ExpensesDepreciation EpenseUtilites ExpensesSupplies ExpenseTransportation and Travel ExpensesInsuranceTaxes and LicensesInterest ExpenseMiscellaneous ExpensesLoss on Sale o Equipment75,000 00480,000.009,000 0012,000 009,000 0032,000.0060,000 0030,000.00320,000.0036,000 0050,000.0030,000.0012,000.0010,000 0012.000 0048,000 005,000 0012,000 006,000 00Additional information:1. Ending inventory is P90,000.002. One-fourth of the salaries, rent and depreciation are attributable to the non-salesdepartment. The Sales Department does not share in the other expenses. 1. How much is the Net Purchases?2 How much is the changes in Invenlory?3. How much is the Cost of Goods Sold?4 How much is the Total Selling Expenses?S. How much is the Total General and Administrative Expenses?

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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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Grit Company had the following for 2019: Purchase P40,000 • Purchase returns and allowances P2,000 Freight In P3,000 Beginning Inventory - 5,000 Ending Inventory - P8,000 What was the cost of goods sold ?
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