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I. HOWK's BODYBAG Store sells two brands of BODYBAG: Black and Gray. Purchases for the month of October consisted of 30 Black brand units at P1,500 each and 20 Gray units at P1,800 each. At the end of the month an inventory count showed that 12 Black brand units and 5 Gray brand units were still on hand.
Required: (FOR ITEMS 1-10)
Question a. Compute for each brand: purchases, merchandise inventory at the end of October(3-4) and cost of sales(5-6).
Question b. Assume a Black brand sells for P2,400 and a Gray brand sells for P2,750. Compute for each brand: sales revenue(7-8) and gross profit on sales(9-10).
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