Reference no: EM132898760
Karen Company reported the following information for the current year:
Beginning inventory 5,000,000
Purchases 26,000,000
Freight in 2,000,000
Purchase returns and allowances 3,500,000
Purchase discounts 1,500,000
Sales 40,000,000
Sales returns 3,000,000
Sales allowances 500,000
Sales discounts 1,000,000
- A physical inventory taken at year-end resulted in an ending inventory costing P4,000,000.
- At year-end, unsold goods out on consignment with selling price of P1,000,000 are in the hands of a consignee.
- The gross profit was 40% on sales.
Problem 1. What is the cost of goods available for sale?
a. 28,000,000
b. 31,000,000
c. 33,000,000
d. 29,500,000
Problem 2. What is the cost of goods sold?
a. 21,900,000
b. 22,200,000
c. 21,300,000
d. 24,000,000
Problem 3. What is the estimated cost of inventory shortage?
a. 1,800,000
b. 2,700,000
c. 1,200,000
d. 2,100,000
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