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Compute the ending inventory assuming gross profit of sales

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Reference no: EM132617978

Beginning inventory                      P 600,000

Purchases                                 1,500,000

Total goods available for sale       P2,100,000

Sales                                       2,300,000

Instructions

Problem 1: Compute the ending inventory, assuming that (a) gross profit is 40% of sales, (b) gross profit is 60% of cost, (c) gross profit is 35% of sales, and (d) gross profit is 25% of cost.

Reference no: EM132617978

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