Reference no: EM132860768
Questions-
Q1. Data provided by XYZ Co. for 2020 are as follows: Freight-in P30,000 Purchase returns P75,000 Selling expenses P150,000 Ending inventory P260,000. The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale?
A. P600,000
B. P890,000
C. P815,000
D. P860,000
Q2. MM Co. has the following information pertaining to its merchandise inventory as of December 31, 2020: Inventory on Hand (including inventory on consignment of P20,000) P200,000 Inventory purchased with the right of return P100,000 Merchandise purchased in transit, FOB shipping point P160,000 Merchandise sold in transit, FOB destination P247,000 Merchandise not in warehouse, held by the consignee P183,000. What amount should MM Co. report as the value of its inventory in its 2020 balance sheet?
A. P749,000
B. P760,000
C. P770,000
D. P876,000
E. answer not given
Q3. PRETTY Co. has a recent gross profit history of 40% of net sales. These data are taken from the records for the quarter ended March 31, 2020: Inventor -January 1 P650,000 PurchasesP3,200,000 Net sales P4,500,000 Purchase return P75,000 Freight in P50,000. What is the estimated cost of inventory on March 31, 2020?
A. P1,120,000
B. P1,125,000
C. P2,025,000
D. P2,700,000
E. answer not given
Q4. AMB Co. sells merchandise at a gross profit of 25% based on cost. The company's cost ratio based on sales should be:
A. 100%
B. 80%
C. 75%
D. 20%
E. answer not given
|
Describe globalization as it applies to airline industry
: Describe globalization as it applies to the airline industry. Why is it so difficult for U.S. carriers to establish hubs outside the United States?
|
|
What are the trade offs between security and privacy
: What are the trade offs between security and privacy? What is the issue of freedom of speech versus the protection of children online?
|
|
Prepare the necessary closing entries at December
: Sales revenue $692,000 Cost of goods sold $385,000 and Salaries expense $96,000 Insurance expense 26,000. Prepare the necessary closing entries at December
|
|
Create a visual poster or infographic to display in company
: Create a visual poster or infographic to display in the company's break room. Mobile devices are always in the workplace and being used for both personal
|
|
What is the cost of goods available for sale
: Data provided by XYZ Co. for 2020 are as follows: Freight-in P30,000 Purchase returns P75,000. What is the cost of goods available for sale
|
|
Describe characteristics of aging process
: Describe the characteristics of the aging process. Explain how some of the characteristics may lead to elder abuse (memory issues, vulnerability, etc.).
|
|
Communicates required message to audience
: Develop a response that includes examples and evidence to support your ideas, and which clearly communicates the required message to your audience.
|
|
Prepare the appropriate journal entry for each transaction
: Rite Shoes was involved in the transactions described- Purchased $10,100 of inventory on account. Prepare the appropriate journal entry for each transaction
|
|
Discuss the potential impact of autonomous vehicles
: Compare the IoT with regular Internet. Discuss the potential impact of autonomous vehicles on our lives. Why must a truly smart home have a bot?
|