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
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
Chapter4: Operating Activities: Sales And Cash Receipts
Section: Chapter Questions
Problem 2.4C
Related questions
Question
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.
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 2 steps
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning