Reference no: EM133163863
Questions -
Q1. Computational. At the beginning of the current year, ABC Company purchased a tract of land for P62,000,000. The company incurred additional cost of P3,000,000 during the remainder of the year in preparing the land for sale. The tract was divided into residential lots with sales price per lot as follows:
A - 105 - P240,000
B - 125 - P160,000
C - 170 - P100,000
Using the relative sales value method, how much is the cost per lot under class C?
Q2. Computational. Goods worth P120,000 was shipped on account (2/10, n/30) to XYZ Company on January 5, 20X0 from ABC Company. The term of the shipment was fob shipping point. ABC Company paid freight of P9,500. On January 12, 20X0, P25,000 worth of merchandise was received by ABC Co. from XYZ Co. due to wrong specification. XYZ Company made the payment to ABC Company within the discount period. How much will be the amount to be paid by XYZ to fully settle its obligation? (Follow this convention in providing the answer: 45,800).
Q3. Computational. Goods worth P120,000 was shipped to XYZ Company on January 5, 20X0 from ABC Company on account. The term requires 20% down-payment and the balance to be paid in 10 days with 2% discount, n/30, The term of the shipment was fob shipping point. ABC Company paid the freight of P9,500. On January 12, 20X0, P25,000 worth of merchandise was received by ABC Co. from XYZ Co. due to wrong specification. XYZ Company made the payment to ABC Company on January 15. The cost of the inventory under this transaction shall be?
Q4. Computational. ABC Company bought merchandise on January 20, 20X0 from XYZ Company costing P150,000 list price; less 20% trade discount, with terms 20% down payment, balance 2/10 EOM (end of the month), n/30 (EOM). Two days after, P20,000 worth of merchandise was returned due to wrong specification. If ABC Company paid the account On February 8, how much ABC Company paid to XYZ Company?
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