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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
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The cost of sales ratio or cost ratio ????

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%
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