Pierce Corporation has the following gross profits for 2018 and 2019: Sales= 2019 - P810,000; 2018 - P792.000. Cost of sales = 2019 - 480,000; 2018%3D- 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales pricewas 10% lower during 2019. The change in gross profit due to change incost price must be:

Pierce Corporation has the following gross profits for 2018 and 2019: Sa. = 2019 - P810,000; 2018 - P792,000. Cost of sales 2019 - 480,000; 201 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price: was 10% lower during 2019. The change in gross profit due to change in cost price must be:

Pierce Corporation has the following gross profits for 2018 and 2019: Sa. = 2019 - P810,000; 2018 - P792,000. Cost of sales 2019 - 480,000; 201 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price: was 10% lower during 2019. The change in gross profit due to change in cost price must be:

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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Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The increase (decrease) in quantity sold must be:
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be: The owners would like to know what reasons caused the current performance of the company and ask your opinion. Through review of the complete records you were able to obtain this additional information: (1) The selling price for every unit is P7.20 during 2018 and; (2) The marketing department did a tremendous job and was able to increase sales units by 20% during 2019. The increase (decrease) in gross profit because of the change in sales price is: a. P900 b. P1,080 c. (P4,320) d. P15,480
In 2019, Dayao Company presented the net income after(40%) tax of P5,520,000 as follows: Average sales price per box is P200; Variable cost of candy per box P100; Variable marketing cost P20; Annual fixed marketing cost P8,000,000; Annual fixed administrative cost P14,000,000. In 2020, to maintain the 2019 contribution margin ratio, Dayao will increase sales price per box due to increase in cost of candy per box by 15%. All other cost remain the same. What is the new break-even sales volume? * 275,000 480,000 338,462 O 244,444
Manero Company included the following information in its annual report: 2019 2018 Sales $178,400 $162,500 102,500 Cost of goods sold 115,000 Operating expenses 50,000 50,000 Operating income 13,400 10,000 In a trend income statement for 2017, where 2017 is the base year, sales are expressed as: Multiple Choice 150.5% O100.0% 84,4% 92.6% 2017 $155,500 100,000 45,000 10,500
Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower than 2020: 2021 2020 Sales P1,944,000 Cost of Sales 1,152,000 Gross Profit P 792,000 P1,900,800 1,113,600 P787,200 Increase (decrease) in cost price must be C. (9.85%) D. 9.85% A. (8.97%) B. 8.97%
You are looking into the accounts of a company that has presented using LIFO for inventory. You see in the notes the LIFO Reserve in 2019 and 2020 were 160,000 and 240,000 respectively. The company pays tax at 30% in both years. Show the relevant adjustments you would have to make to the Balance Sheet and income statement to convert the company to a FIFO basis. Describe the effect that this conversion would have on net profit margin, gross profit margin, debt to equity, inventory turnover and current ratio in 2020. Another company has written down some inventory. Explain why a company would need to write down inventory and the effects this would have on the company accounts.
Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower than 2020: 2021 2020 Sales P1,944,000 Cost of Sales 1,152,000 Gross Profit P 792,000 P1,900,800 1,113,600 P787,200 Change in gross profit due to change in cost price must be A. P95,232 F C. P151,896 F E. P151,896 U B. P113,495 U D. P113,495 F
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Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The percent of increase (decrease) in cost price must be:
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The owners would like to know what reasons caused the current performance of the company and ask your opinion. Through review of the complete records you were able to obtain this additional information: (1) The selling price for every unit is P7.20 during 2018 and; (2) The marketing department did a tremendous job and was able to increase sales units by 20% during 2019. The increase (decrease) in gross profit because of the change in sales price is: P900 P1,080 (P4,320) P15,480
The gross profit margin excludes all costs except the cost of goods sold. If Miller Company recorded Net Sales of $17,260 for the month of March 2021, and cost of goods sold of $11,042, what is the company’s gross profit margin for the month of March. 37.4% 36% 39.2% 38.6%
The portion of the functional income statements of BP Company for 2021 and 2020 are presented below: 2021 P890,000 2020 Sales P800,000 Cost of goods sold Gross margin 530,000 450.000 360,000 350,000 Assuming that the selling price in 2021 is reduced by 11 percent effective January 1, calculate the change in gross profit due to change in unit cost.