Cherry Lopez runs the Wear Ever Store. The following are some of the transactions during January 2020: 02 Purchased merchandise form Hongkong Wear P44,800 on account. 10 Paid shipping fee of P2,000 for the purchase from Hongkong Wear. 15 Purchased merchandise from Folks Wear, 44,800 on account and paid cash for freight, P1,400. 20 Paid salaries, P14,000. 25 Ordered and received goods from Bulacan Wear, P10,000 cash. Additional information: Inventory beginning was P200,000 Physical count of goods on January 31 showed unsold inventory of P53,000. CALCULATE THE FOLLOWING AND PREPARE THE COST OF SALES SCHEDULE. Total Purchases for the month of January. Total Goods Available for Sale Cost of Sale
Cherry Lopez runs the Wear Ever Store. The following are some of the transactions during January 2020: 02 Purchased merchandise form Hongkong Wear P44,800 on account. 10 Paid shipping fee of P2,000 for the purchase from Hongkong Wear. 15 Purchased merchandise from Folks Wear, 44,800 on account and paid cash for freight, P1,400. 20 Paid salaries, P14,000. 25 Ordered and received goods from Bulacan Wear, P10,000 cash. Additional information: Inventory beginning was P200,000 Physical count of goods on January 31 showed unsold inventory of P53,000. CALCULATE THE FOLLOWING AND PREPARE THE COST OF SALES SCHEDULE. Total Purchases for the month of January. Total Goods Available for Sale Cost of Sale
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Cherry Lopez runs the Wear Ever Store. The following are some of the transactions during January 2020:
02 Purchased merchandise form Hongkong Wear P44,800 on account.
10 Paid shipping fee of P2,000 for the purchase from Hongkong Wear.
15 Purchased merchandise from Folks Wear, 44,800 on account and paid cash for
freight, P1,400.
20 Paid salaries, P14,000.
25 Ordered and received goods from Bulacan Wear, P10,000 cash.
Additional information:
- Inventory beginning was P200,000
- Physical count of goods on January 31 showed unsold inventory of P53,000.
CALCULATE THE FOLLOWING AND PREPARE THE COST OF SALES SCHEDULE.
- Total Purchases for the month of January.
- Total Goods Available for Sale
- Cost of Sale
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education