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FINANCIAL ACCOUNTING
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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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.
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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