Document2.pdf - Problem 21 1 2 3 4 Beginning inventory Net Cost of purchases \u20b1 15,000.00 55,000.00 \u20b1 12,000.00 53,000.00 \u20b1 20,000.00 125,000.00

# Document2.pdf - Problem 21 1 2 3 4 Beginning inventory Net...

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Problem 21 1 2 3 4 Beginning inventory 15,000.00 12,000.00 20,000.00 30,000.00 Net Cost of purchases 55,000.00 53,000.00 125,000.00 95,000.00 Goods available for sale 70,000.00 65,000.00 145,000.00 125,000.00 Ending Inventory 10,000.00 25,000.00 30,000.00 15,000.00 Cost of goods sold 60,000.00 40,000.00 115,000.00 110,000.00 Net Sales 100,000.00 130,000.00 200,000.00 240,000.00 Less Cost of goods sold 60,000.00 40,000.00 115,000.00 110,000.00 Gross profit 40,000.00 90,000.00 85,000.00 130,000.00 Merchandise Inventory, 1/1/2018 300,000.00 Add: Net Purchases Purchases 1,320,000.00 Purchase Discounts (26,400.00) Purchase Returns and Allowances (46,200.00) Transportation In 39,600.00 1,287,000.00 Goods available for sale 1,587,000.00 Less Merchandise Inventory 12/31/2018 327,000.00 Cost of goods sold 1,260,000.00 Problem 19 Gross Sales 1,610,000.00 Less Sales Returns and Allowances (45,000.00) Sales Discounts (15,000.00) Net Sales (620,000/.4) 1,550,000.00 Cost of goods sold: Inventory, Jan 1 220,000.00 Purchases 985,000.00 Purchase Returns and Allowances (31,000.00) Purchase Discounts (20,000.00) Transportation In 36,000.00 Net Purchases (net cost of purchases) 970,000.00 Cost of goods available for sale 1,190,000.00 Less Inventory Ending 260,000.00 Cost of goods sold 930,000.00 Gross Margin (40% of net sales) 620,000.00 Operating Expenses 465,000.00 Profit (10% of net sales) 155,000.00 Problem 3 (Chapter 8)
Sales ₱2,900,000.00

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• Fall '19
• Generally Accepted Accounting Principles, Bala

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