PROBLEM 1 1. On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13 and its purchases after that date amounted to P110,901.45. On September 30, the shop inventory was P98,542.63. Question: How much goods were sold? Show your proper solution, computerized and box your final answer
PROBLEM 1 1. On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13 and its purchases after that date amounted to P110,901.45. On September 30, the shop inventory was P98,542.63. Question: How much goods were sold? Show your proper solution, computerized and box your final answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Need answers please help
Transcribed Image Text:PROBLEM 2
2. The total sales of Rona Department Store during the month of December were P5,976,418.12. The cost of goods during the
month was P2,324,080.25.
The expenses were as follows:
Salaries and wages P170,910.83
Rent P350,000.00
Light and Water Bills P418,265.34
> Miscellaneous Expenses P120,450.25
Some sales merchandise returns amounted to P1,480,980.00
Question: Find the following: a.) Gross Profit b.) Operating Expenses c.) net profit for the month of December, 2020.
Transcribed Image Text:1. Answer the given questions in proper manner, meaning computerize, showing the given data, solution and box your final answers.
2. Submit your answers in the Drop Box, on your School Book.
PROBLEM 1
1. On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13 and its purchases after that date
amounted to P110,901.45. On September 30, the shop inventory was P98,542.63.
Question: How much goods were sold? Show your proper solution, computerized and box your final answer.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education