Reference no: EM132826504
Problem 1. Bee's purchases per purchase invoice is ?150,000. The purchase discount is 2/10, n/30. Freight is ?500, FOB shipping point, freight collect. The net purchase amounts under the net method is
a. ? 147,500
b. ? 147,000
c. ? 148,500
d. ? 150,500
Problem 2. The gross profit is ?100,000; goods available for sale is ?1,100,000; beginning inventory is ?100,000; purchases is ?1,000,000; and sales is ?1,000,000. The ending inventory is?
a. ? 200,000
b. ? 300,000
c. ? 100,000
d. ? 0
Problem 3. Cee is using the periodic inventory sytem. For the year, its total purchases amounted to ?250,000. Its unsold merchandise at the end of the year has a cost of ?5,000 which is 80% of its beginning inventory. Cee's cost of sales is?
a. ? 249,000
b. ? 251,250
c. ? 250,000
d. ? 248,750
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