Solution-What cost of merchandise purchased by ramirez from

What cost of merchandise purchased by ramirez from valencia

Assignment Help Accounting Basics

Reference no: EM132820799

On May 10, 2005, Ramirez Company purchased P18,000 worth of merchandise from Valencia Company on account and with the following terms; 1/10, n/30, FOB shipping point. On May 12, 2005, Ramirez paid P360 on the shipment. On May 15, 2005, Ramirez returned P2,000 of merchandise for credit. Final payment was made to Valencia on May 21, 2005. The merchandise was then sold to cash customers for P30,600 on May 24, 2005.

Problem 1: Assuming that Ramirez uses the periodic inventory system, the cost of the merchandise purchased by Ramirez from Valencia to be reflected as cost of goods sold on May 21 is

Option 1: 16,360
Option 2: 16,196.40
Option 3: not given
Option 4: 18,360

Reference no: EM132820799

Questions Cloud

How has healthcare strategic management evolved in america : Examine the progress of strategic management over time leading up to today's healthcare strategic planning process

What is the net impact of these transactions : Comfy Home also purchased $65,000 of inventory on credit. What is the net impact of these transactions on the liabilities portion of the accounting equation

Find what balance of accumulated depreciation account : Find what balance of Accumulated Depreciation account on December 31, 2009 is? Milan Corporation purchased an equipment costing P100,000 on July 1, 2008.

Pay for performance and nothing else : If you are really serious about moving into the new economy and winning the talent wars, stop paying people and start buying their results.

What cost of merchandise purchased by ramirez from valencia : Ramirez Company purchased P18,000 worth, the cost of the merchandise purchased by Ramirez from Valencia to be reflected as cost of goods sold on May 21 is

Federal appeals court overrules fcc on indenency : Although the First Amendment generally prevents the U.S. government from engaging in censorship, an exception exists for broadcast radio and television.

Identify the new marketing manager : As a lead team, you have decided to conduct a virtual panel interview with each candidate as a selection method to identify the new Marketing Manager.

Prepare the income statement for the year : The Aztec Book Company sold 1,400 finance textbooks to High Tuition College for $84 each in 20XX. Prepare the income statement for the year

What amount should be the balance of investment in pen inc : Paid $1,000,000 cash dividends for the current year. What amount should be the balance of Investment in Pen Inc. at the end of the end of the current year?

User Account

All Pages

What cost of merchandise purchased by ramirez from valencia

Reference no: EM132820799

Reference no: EM132820799

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT