Find what amount should be reported as cost of good sold

Assignment Help Financial Accounting

Reference no: EM132838391

The following information related to operations for the current year:

Beginning inventory and purchases were P6,000,000 at Cost and P9,200,000 at Retail.

Net mark ups were P400,000;

Net markdowns is P600,000.

Sales amount to P7,800,000.

Problem 1: What amount should be reported as cost of goods sold for the current year?

Reference no: EM132838391

Questions Cloud

What the sales price variance for the month was : During one month a total of 4,720 meal were sold for $20,768. The actual total variable cost per meal was $2.30.What the sales price variance for the month was?

What is the length of the firm cash conversion cycle : Luke Company has an inventory conversion period of 60 days, a receivables conversion period of 45 days, and a payments cycle of 30 days.

Explain the special education eligibility assessment process : The five primary purposes of the special education eligibility assessment process for individuals who have or appear to have disabilities.

Prepare the current year statement of cash flows : What is a limitation common to both the current and quick ratio - Prepare a common size vertical analysis of OG's balance sheet in good form. Round percentages

Find what amount should be reported as cost of good sold : Beginning inventory and purchases were P6,000,000 at Cost and P9,200,000 at Retail. What amount should be reported as cost of goods sold for the current year?

Payoff table for the pittsburgh development corporation : Following is the payoff table for the Pittsburgh Development Corporation (PDC) Condominium Project. Amounts are in millions of dollars.

How long they live : Tim invests $10,000 at age 40 and earns 5% compound interest. No matter how long they live, Tim will never have as much money as Susie. Explain why

What demographics and other trends should be monitored : What demographics and other trends, discussed in Chapter 1 in Nigro & Kellough (2014), should be monitored closely by public employers, from a public human.

How much gift card revenue should bulleye recognize : How much gift card revenue should Bull'sEye recognize in 2021? Bull'sEye sells gift cards redeemable for Bull'sEye products either in-store or online.

User Account

All Pages