Purchase Date Date Sold Cost Jan. 8 Аpr.9 Mar. 31 Diamond ring 24K gold necklace White gold ring P50,000 Mar. 27 75,000 Jul. 15 Aug. 5 Sept. 9 60,000 Nov. 3 Diamond necklace 110,000 18k gold necklace Pearl earrings Topaz earrings 40,000 Oct. 11 30,000 45,000 Dec. 20 Dec. 21 Total Purchases P410,000

Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 2.4C
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On March 1, 2022, MABEL Company purchased inventory from its supplier with list price of P800,000. The trade discount is 20% and the credit terms is 3/15, n/40. Compute for the amount to be paid by MABEL Company if it pays the invoice on March 11, 2022.

2. There were no beginning inventories and that the unsold items form part of the ending inventories. Required: Determine the amounts of COGS using specific identification. 

 

Determine the amounts of ending inventory using specific identification. 

 

Purchase Date Date Sold
Item
Cost
Apr. 9
Mar. 31
Diamond ring
24K gold necklace
White gold ring
P50,000
75,000
Jan. 8
Mar. 27
Jul. 15
60,000
Aug. 5
Sept. 9
Oct. 11
Nov. 3
Diamond necklace
110,000
18k gold necklace
40,000
Pearl earrings
Topaz earrings
30,000
45,000
Dec. 20
Dec. 21
Total Purchases
P410,000
Transcribed Image Text:Purchase Date Date Sold Item Cost Apr. 9 Mar. 31 Diamond ring 24K gold necklace White gold ring P50,000 75,000 Jan. 8 Mar. 27 Jul. 15 60,000 Aug. 5 Sept. 9 Oct. 11 Nov. 3 Diamond necklace 110,000 18k gold necklace 40,000 Pearl earrings Topaz earrings 30,000 45,000 Dec. 20 Dec. 21 Total Purchases P410,000
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