The following information was taken from the records of GALATIANS Boutique Shop for the month of December: Sales P198,000 Purchases at cost P96,000 Sales returns 4,000 Purchases at retail 176,000 Additional Markups 20,000 Purchase return at cost 4,000 Markup cancellations 3,000 Purchase return at retail 6,000 Markdowns 18,600 Beg. inventory at cost 60,000 Markdown cancellations 5,600 Beg. inventory at retail 93,000 Freight-in 4,800 Purchase discount 16,000 Abnormal losses @ cost 15,000 Discount for employees 5,000 Abnormal losses @ retail 23,000 Normal losses 20,000 What is the cost of ending inventory under FIFO method (round off CTR to whole number, example: 32%)
The following information was taken from the records of GALATIANS Boutique Shop for the month of December: Sales P198,000 Purchases at cost P96,000 Sales returns 4,000 Purchases at retail 176,000 Additional Markups 20,000 Purchase return at cost 4,000 Markup cancellations 3,000 Purchase return at retail 6,000 Markdowns 18,600 Beg. inventory at cost 60,000 Markdown cancellations 5,600 Beg. inventory at retail 93,000 Freight-in 4,800 Purchase discount 16,000 Abnormal losses @ cost 15,000 Discount for employees 5,000 Abnormal losses @ retail 23,000 Normal losses 20,000 What is the cost of ending inventory under FIFO method (round off CTR to whole number, example: 32%)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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The following information was taken from the records of GALATIANS Boutique Shop for the month of December:
|
Sales |
P198,000 |
|
Purchases at cost |
P96,000 |
|
Sales returns |
4,000 |
|
Purchases at retail |
176,000 |
|
Additional Markups |
20,000 |
|
Purchase return at cost |
4,000 |
|
Markup cancellations |
3,000 |
|
Purchase return at retail |
6,000 |
|
Markdowns |
18,600 |
|
Beg. inventory at cost |
60,000 |
|
Markdown cancellations |
5,600 |
|
Beg. inventory at retail |
93,000 |
|
Freight-in |
4,800 |
|
Purchase discount |
16,000 |
|
Abnormal losses @ cost |
15,000 |
|
Discount for employees |
5,000 |
|
Abnormal losses @ retail |
23,000 |
|
Normal losses |
20,000 |
What is the cost of ending inventory under FIFO method (round off CTR to whole number, example: 32%)
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