Problem 2-1 Calculation of Cost of Goods Available for Sale, Net Sales, and Net Purchases 1. Happy Selling's beginning inventory amounted to 250,000. Net purchases amounted to 70,000. Freight in totaled 15,000. Compute for the company's cost of goods available for sale. 2. Happy Selling's Sales amounted to Php500,000. Sales returns and sales discounts amounted to Php30,000 and Php10,000 respectively. Purchases of the company totaled Php100,000 while purchase returns and purchase discounts amounted to Php 20,000 and Php10,000 respectively. How much is the company's Net Sales? Net Purchases? 3. Gross Profit of Happy Seling amounted to Php175,000. Beginning inventory totaled Php250,000. Ending inventory amounted to Php50,000 while Net Cost of Purchases totaled Php85,000. Compute for Happy Selling's Net Sales.

Problem 2-1 Calculation of Cost of Goods Available for Sale, Net Sales, and Net Purchases 1. Happy Selling's beginning inventory amounted to 250,000. Net purchases amounted to 70,000. Freight in totaled 15,000. Compute for the company's cost of goods available for sale. 2. Happy Selling's Sales amounted to Php500,000. Sales returns and sales discounts amounted to Php30,000 and Php10,000 respectively. Purchases of the company totaled Php100,000 while purchase returns and purchase discounts amounted to Php 20,000 and Php10,000 respectively. How much is the company's Net Sales? Net Purchases? 3. Gross Profit of Happy Seling amounted to Php175,000. Beginning inventory totaled Php250,000. Ending inventory amounted to Php50,000 while Net Cost of Purchases totaled Php85,000. Compute for Happy Selling's Net Sales.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 34E

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