The following data were obtained from the records of Salacot Company: Current ratio (at year end) 1.5 to 1 / Inventory turnover based on sales and ending inventory 15 times /Inventory turnover based on cost of goods sold and ending inventory 10 times /Gross margin for 2007 P360,000 What was Salacot Company’s December 31, 2007 balance in the Inventory account? * a. P72,000 b. P 54,000 c. P 80,000 d. P 95,000

The following data were obtained from the records of Salacot Company: Current ratio (at year end) 1.5 to 1 / Inventory turnover based on sales and ending inventory 15 times /Inventory turnover based on cost of goods sold and ending inventory 10 times /Gross margin for 2007 P360,000 What was Salacot Company’s December 31, 2007 balance in the Inventory account? * a. P72,000 b. P 54,000 c. P 80,000 d. P 95,000

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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