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Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Independent Assessment 3 Study the given data, then compute for what are asked? Cost of Goods Sold and Merchandise Inventory. The following transactions are assumed to have taken place during the month of July: Purchases: Amount Description units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 July 500 Php 10,000.00 10 800 20 1,000 25 600 Total Php Sales: Amount 12,000.00 Description units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 July 4 400 Php 12 700 1,100 500 24 31 Total Php Summary: Total units purchased: Less: Total units sold Total units remaining unsold, 7/31 Unit cost Total value of merchandise inventory, 7/31 From the above information, the cost of the units sold may be determined as follows: Total units purchased during July Less: total units remaining unsold, 7/31 Total units sold Unit cost Total cost of units sold Php The gross profit maybe computed as follows: Sales (2,700 units at Php 30.00) Less: Cost (2,700 units at Php 20.00) Gross Profit on sales Php Php
Transcribed Image Text:Independent Assessment 3 Study the given data, then compute for what are asked? Cost of Goods Sold and Merchandise Inventory. The following transactions are assumed to have taken place during the month of July: Purchases: Amount Description units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 units at Php 20.00 July 500 Php 10,000.00 10 800 20 1,000 25 600 Total Php Sales: Amount 12,000.00 Description units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 units at Php 30.00 July 4 400 Php 12 700 1,100 500 24 31 Total Php Summary: Total units purchased: Less: Total units sold Total units remaining unsold, 7/31 Unit cost Total value of merchandise inventory, 7/31 From the above information, the cost of the units sold may be determined as follows: Total units purchased during July Less: total units remaining unsold, 7/31 Total units sold Unit cost Total cost of units sold Php The gross profit maybe computed as follows: Sales (2,700 units at Php 30.00) Less: Cost (2,700 units at Php 20.00) Gross Profit on sales Php Php
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