How much is the gross profit for the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Here is the question:
1. How much is the gross profit for the year?
Transcribed Image Text:Problem 2
The following were the information provided by UNIKELO retail:
Purchases and Beginning Inventory
January 1, Inventory - 250 units @ P10.50
• March 7 - Purchases - 200 units @ P11.00
July 15 - Purchases - 275 unites @ P11.75
July 20 - Purchase returns - 50 units @ P11.00
Sales
May 20 - Sales 120 units @ P14.00 Selling price per unit
• June 30 - Sales - 55 units @ P15.00 Selling price per unit
Sept. 17 - Sales 250 units @ P16.00 Selling price per unit
The Company uses the weighted average method in themeasurement of its inventories (Periodic).
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