The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which P31,200 in credit. Lawson’s inventory turnover ratio for the year was Mr. Plengpong, the controller, had gathered the following accounting data regarding Lawson Inc
The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which P31,200 in credit. Lawson’s inventory turnover ratio for the year was Mr. Plengpong, the controller, had gathered the following accounting data regarding Lawson Inc
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which P31,200 in credit. Lawson’s inventory turnover ratio for the year was
Mr. Plengpong, the controller, had gathered the following accounting data regarding Lawson Inc.
![Beginning of the year
End of the year
Accounts receivable
Inventory
Accounts payable
P1,070
3,200
1,660
P1,530
3,800
1,840](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F591af48f-6f09-4a7d-bce3-02c19bc806a8%2F8da27796-e905-4e90-b701-579ab525ca33%2F8zl4bv_processed.png&w=3840&q=75)
Transcribed Image Text:Beginning of the year
End of the year
Accounts receivable
Inventory
Accounts payable
P1,070
3,200
1,660
P1,530
3,800
1,840
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