Answered: If the gross profit is 20% of net…

Business

Accounting

If the gross profit is 20% of net sales. How much is the gross purchases for June? 202,000 212,000 222,000 232,000

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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Question

8.The ABC Boutique had the following information at June 30, 20X1:

Inventory increased by P10,000
Purchase returns, P5,000
Freight in, P3,000
Sales, P300,000
Sales discount, P25,000

If the gross profit is 20% of net sales. How much is the gross purchases for June?

202,000

212,000

222,000

232,000

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