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The company, a wholesaler, budgeted sales for the indicated months June                     July                       August Sales on account                           P1,800,000       P1,920,000       P2,010,000 Cash sales                                            240.000             250.000             260.000 Total sales                                       P2,010,000       P2,170,000       P2,300,000 All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. The cost of goods sold for the month of June is anticipated to be

The company, a wholesaler, budgeted sales for the indicated months June                     July                       August Sales on account                           P1,800,000       P1,920,000       P2,010,000 Cash sales                                            240.000             250.000             260.000 Total sales                                       P2,010,000       P2,170,000       P2,300,000 All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. The cost of goods sold for the month of June is anticipated to be

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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1.      The company, a wholesaler, budgeted sales for the indicated months

June                     July                       August

Sales on account                           P1,800,000       P1,920,000       P2,010,000

Cash sales                                            240.000             250.000             260.000

Total sales                                       P2,010,000       P2,170,000       P2,300,000

All merchandise is marked up to sell at its invoice cost plus 25%. Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold. The cost of goods sold for the month of June is anticipated to be

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