Solution-Calculate the gross profit rate

Calculate the gross profit rate

Reference no: EM132197195

Question - Palos Company opened its Cebu Branch a year ago. At year end, the branch Summarized operating data as follows: Sales, P354,333; Shipments from home office, F148,533; Purchase, P137,533; Expenses, P71,533; Ending inventory, P82,500 (of which P16,500 from outsiders); beginning inventory, P60,000 (of which P45,000 come from home office.}

The overstatement in branch cost of sales assuming shipments by home office are made at 20%. Gross profit rate is:

a. 22,500

b. 21,000

c. 16,750

d. 21,250

What is the solution for this number?

Reference no: EM132197195

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Calculate the gross profit rate

Reference no: EM132197195

Reference no: EM132197195

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