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The following information pertains to the data of C. Magalso Grocery Merchandise Inventory, Jan. 1 Merchandise Inventory, March 31 P 50,000 120,000 Purchases 210,000 Freight In 5,000 20,000 15,000 Purchase Returns & Allowances Purchase Discounts Required: Prepare the cost of sales section of the Income Statement for the quarter ended March 31.

The following information pertains to the data of C. Magalso Grocery Merchandise Inventory, Jan. 1 Merchandise Inventory, March 31 P 50,000 120,000 Purchases 210,000 Freight In 5,000 20,000 15,000 Purchase Returns & Allowances Purchase Discounts Required: Prepare the cost of sales section of the Income Statement for the quarter ended March 31.

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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Introduction to Merchandising Business 125 3-6 The following information pertains to the data of C. Magalso Grocery Merchandise Inventory, Jan. 1 Merchandise Inventory, March 31 P 50,000 120,000 Purchases 210,000 Freight In 5,000 Purchase Returns & Allowances 20,000 Purchase Discounts 15,000 Required: Prepare the cost of sales section of the Income Statement for the quarter ended March 31. 3 -7 The following selected data were taken from the records of Clyde Naong Enterprise.: December 31 20A 20B Merchandise Inventory P140,000 P160,000 Sales 450,000 Sales Discounts 5,000 250,000 Purchases Freight In Purchase Discounts 3,000 2,000 Operating Expenses 80,000 How much is gross profit from sales on December 31, 20B? P 54,000 b. P271,000 P214,000 d. P280,000 a. С. 3-8 The following data are given to you. These were taken from the records of C. Tabaranza Trading P102,000 Beginning Inventory 215,000 Purchases 3,000 Purchase Discounts 5,000 Freight Out 220,000 Sales Assuming that the merchandise inventory at the end was P180,000, how much is the cost of goods sold? с. P158,000 a. P134,000 b. P152,000 d. P162,000
Transcribed Image Text:Introduction to Merchandising Business 125 3-6 The following information pertains to the data of C. Magalso Grocery Merchandise Inventory, Jan. 1 Merchandise Inventory, March 31 P 50,000 120,000 Purchases 210,000 Freight In 5,000 Purchase Returns & Allowances 20,000 Purchase Discounts 15,000 Required: Prepare the cost of sales section of the Income Statement for the quarter ended March 31. 3 -7 The following selected data were taken from the records of Clyde Naong Enterprise.: December 31 20A 20B Merchandise Inventory P140,000 P160,000 Sales 450,000 Sales Discounts 5,000 250,000 Purchases Freight In Purchase Discounts 3,000 2,000 Operating Expenses 80,000 How much is gross profit from sales on December 31, 20B? P 54,000 b. P271,000 P214,000 d. P280,000 a. С. 3-8 The following data are given to you. These were taken from the records of C. Tabaranza Trading P102,000 Beginning Inventory 215,000 Purchases 3,000 Purchase Discounts 5,000 Freight Out 220,000 Sales Assuming that the merchandise inventory at the end was P180,000, how much is the cost of goods sold? с. P158,000 a. P134,000 b. P152,000 d. P162,000
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