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How much is the unrealized gross profit at the end of year

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Reference no: EM132598501

The following information pertain to installment sales of Sweet Variety Store:

Down payment: 20%

Installment sales: P545,000 in Year 1; P785,000 in Year 2; and P968,000 in Year 3

Markup on cost: 35%

Collections after down payment: 40% during year of sale; 35% during the year after sale; and 25% on the third year

Question 1: How much is the unrealized gross profit at the end of Year 3 is

a. 217,574

b. 211,047

c. 198,574

d. 161,166

Reference no: EM132598501

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