Solution-How much is the cost of goods sold to be reported

How much is the cost of goods sold to be reported

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Reference no: EM133168199

Question - Ramsay Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed prices during March were as follows:

March 5, 2022 (at 10% mark-up) P165,000

March 10, 2022 (at 20% mark- 240,000 up)

March 20, 2022 (at 25% mark- 175,000 up)

On March 21, 2022, the branch returned defective merchandise which was billed at P15,000 (received on March 20, 2022). The monthly report submitted by the branch to the home office for the month of March showed that unsold inventory was P196,000. The branch reported net income for the month of March of P49,500.

Required - How much is the cost of goods sold to be reported by the branch for March?

Reference no: EM133168199

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How much is the cost of goods sold to be reported

Reference no: EM133168199

Reference no: EM133168199

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