The following purchases were made by Bay Leaf Trading: Item Purchase Date April 1 April 5 April 8 Amount Date Paid Credit Term 2/15, n/30 1/10, n/30 3/15, n/30 How much is the total net purchases to be recorded by the company using the net method of April 10 April 30 April 23 Alcohol 500,000 350,000 Face Mask Face Shield 400,000 accounting for cash discounts?
The following purchases were made by Bay Leaf Trading: Item Purchase Date April 1 April 5 April 8 Amount Date Paid Credit Term 2/15, n/30 1/10, n/30 3/15, n/30 How much is the total net purchases to be recorded by the company using the net method of April 10 April 30 April 23 Alcohol 500,000 350,000 Face Mask Face Shield 400,000 accounting for cash discounts?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following purchases were made by Bay Leaf Trading:
Item
Purchase Date
April 1
April 5
April 8
Amount
Date Paid
Credit Term
500,000
350,000
400,000
How much is the total net purchases to be recorded by the company using the net method of
Alcohol
Face Mask
April 10
April 30
April 23
2/15, n/30
1/10, n/30
3/15, n/30
Face Shield
accounting for cash discounts?
Transcribed Image Text:The following data are extracted from the records of an entity relating to an inventory item:
Quantity
5,000
5,000
7,000
1,000
16,000
2,000
Unit Cost
Total Cost
Jan. 1
10
15
16
30
Beginning balance
Purchase
P200
250
P1,000,000
1,250,000
Sale
Sales returns
Purchase
150
2,400,000
300,000
31
Purchase returns
150
Under the perpetual inventory system, what is the moving average unit cost at January 31? Round off
final answer to the nearest whole number.
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