Problem A
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Enrichment Activity 4: I'll show you my figure & give me your solution!
Direction: Read and understand the problem below calculate the cost of goods sold
and gross profit. Write your answer on a separate sheet of paper. (10 minutes)
Problem A
Shoe keeper had bought 1.00 footballs for Ph.30.00 each. One football player comes
and bought 10 footballs for 50.00 each. Calculate the cost of goods
sold. Show your solution.
Problem B
XYZ Company has Beginning Inventory Php. 100,000, New Purchases amounting
to Php. 450,000 and Ending Inventory is Php. 35,000. Find the cost of
goods sold for XYZ Company.
Problem C
I sell T-shirts, I bought them from the manufacturer for 500.00 for each tshirt. I sold
them at 800.00 each. In the month of February, I decided to buy 10 pieces of t -shirts
and only seven t-shirts were sold.
Compute the cost of goods sold and gross profit. Show your solution.
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