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April 26 purchases 9000 13 117000 april 29 sales

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April 26 Purchases9,00013117,000April 29 Sales18,000____________4.How much is the COGS for the month ended April 31, 2022?____________5.What is the cost of inventory on April 31, 2022?PROBLEM 5(This problem is good for 15 minutes.)COST FORMULASWEIGHTED AVERAGECOFFEE PROJECT CO. provided the following inventory data for the month of May 2022:UNITSUNIT COSTMay01Balance72010Purchase3,65528Purchase754COFFEE PROJECT CO. applied the periodic system and weighted average method. Based on theadditional information given for the month, the ending inventory was 1,050 units and the price perunit sold was P945.____________6.Compute for the cost of ending inventory.____________7.Compute for the cost of goods sold.____________8.Compute for the gross profit.PROBLEM 6(This problem is good for 15 minutes.)COST FORMULASMOVING AVERAGEThe following are taken from the inventory records of KALAMANSI CUTIE Company:TransactionUnitsUnit CostInventoryPurchasesSales (200/unit)Sales (230/unit)PurchasesPurchasesSales (225/unit)5,0002,6004,0001,5004,0008,5009,700120190185150____________9.How much is the ending inventory balance?____________10.How is the cost of goods sold?____________11.How much is the gross profit?525555575
PROBLEM 7(This problem is good for 10 minutes.)SUBSEQUENT MEASUREMENTPCY SPORTS CO. sells sports equipment. Relevant information regarding the purchases for theoperating year of 2022, are summarized in the table below.EquipmentCostReplacement CostSales PriceSelling ExpenseVolleyball350,000330,000700,000200,000Basketball450,000420,000950,000550,000Shuttlecock150,000130,000350,000175,000Tennis Racket500,000600,000855,000370,000Paddle50,00075,000225,00075,000TOTAL1,500,0001,555,0003,080,0001,370,000Additional information:The ending inventory for 2021 and 2022 are P1,750,000 and P1,350,000, respectively.Total sales of PCY SPORTS CO. for 2021, 2022, and 2023 amounted to P2,750,000,P3,080,000, and P4,250,000, respectively.The expenses incurred during the 2022 and 2023 were P250,000 and P250,000 for rentexpense, P75,000 and P85,000 for utilities expense, and P125,000 and P135,000 forsalaries expenses. All of which are classified under the general administrative expense.The total selling expense for 2021 and 2022 are P250,000 and P300,000 respectively.PCY SPORTS CO. uses periodic system and first-in, first out method in cost allocation. Inaddition, the company uses direct method in measuring the subsequent value of theinventory.____________12.How much is the cost of goods sold December 31, 2022?____________13.How much is the net income for the year ended December 31, 2022?PROBLEM 8(This problem is good for 10 minutes.)SUBSEQUENT MEASUREMENTLEAN ON ME COMPANY started its operations in 2021 and shows the following information:December 31, 2022December 31, 2021Beginning inventory (cost)??1,500,000Beginning inventory (fair value)??1,650,000Cost to sell200,000200,000Purchases850,000700,000Purchase returns120,00050,000

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Term
Fall
Professor
professor_unknown
Tags
FOB Destination, g Goods, E Goods

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