Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following selected accounts are taken from the ledger of XYX Merchandising on June 30, 2017: Sales Sales discount P550,000 5% Gross profit P209,000 Operating expenses P150,000 Merchandise inventory, Jan. 1, 2017, P75,000 Merchandise inventory, June 30, 2017, P50,000 Accounts receivable, Jan. 1, P70,000 Accounts receivable, June 30, P50,000 The cost of sales ratio or cost ratio is: a. 62% b. Answer not given. c. 40% d. 60%

The following selected accounts are taken from the ledger of XYX Merchandising on June 30, 2017: Sales Sales discount P550,000 5% Gross profit P209,000 Operating expenses P150,000 Merchandise inventory, Jan. 1, 2017, P75,000 Merchandise inventory, June 30, 2017, P50,000 Accounts receivable, Jan. 1, P70,000 Accounts receivable, June 30, P50,000 The cost of sales ratio or cost ratio is: a. 62% b. Answer not given. c. 40% d. 60%

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
See similar textbooks
icon
Related questions
Question

The cost of sales ratio or cost ratio ???? General accounting

The following selected accounts are taken from the ledger of XYX Merchandising on June 30, 2017: Sales Sales discount P550,000 5% Gross profit P209,000 Operating expenses P150,000 Merchandise inventory, Jan. 1, 2017, P75,000 Merchandise inventory, June 30, 2017, P50,000 Accounts receivable, Jan. 1, P70,000 Accounts receivable, June 30, P50,000 The cost of sales ratio or cost ratio is: a. 62% b. Answer not given. c. 40% d. 60%
Transcribed Image Text:The following selected accounts are taken from the ledger of XYX Merchandising on June 30, 2017: Sales Sales discount P550,000 5% Gross profit P209,000 Operating expenses P150,000 Merchandise inventory, Jan. 1, 2017, P75,000 Merchandise inventory, June 30, 2017, P50,000 Accounts receivable, Jan. 1, P70,000 Accounts receivable, June 30, P50,000 The cost of sales ratio or cost ratio is: a. 62% b. Answer not given. c. 40% d. 60%
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS