The ABC Boutique had the following information at June 30, 20X1: Inventory increased by P10,000 Purchase returns, P5,000 Freight in, P3,000 Sales, P300,000 Sales discount, P25,000 If the gross profit is 20% of net sales. How much is the gross purchases for June? a. 202,000 b. 212,000 c. 222,000 d. 232,000
The ABC Boutique had the following information at June 30, 20X1: Inventory increased by P10,000 Purchase returns, P5,000 Freight in, P3,000 Sales, P300,000 Sales discount, P25,000 If the gross profit is 20% of net sales. How much is the gross purchases for June? a. 202,000 b. 212,000 c. 222,000 d. 232,000
Chapter1: Financial Statements And Business Decisions
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Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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The ABC Boutique had the following information at June 30, 20X1:
Inventory increased by P10,000
Purchase returns, P5,000
Freight in, P3,000
Sales, P300,000
Sales discount, P25,000
If the gross profit is 20% of net sales. How much is the gross purchases for June?
Inventory increased by P10,000
Purchase returns, P5,000
Freight in, P3,000
Sales, P300,000
Sales discount, P25,000
If the gross profit is 20% of net sales. How much is the gross purchases for June?
a. 202,000
b. 212,000
c. 222,000
d. 232,000
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