Reference no: EM133185198
Question -
Q1) Darby's goods in transit at December 31 include:
Sales made - purchases made
(1) FOB destination (3) FOB destination
(2) FOB delivery point (4) FOB delivery point
Which items should be included in Zebby's inventory at December 31?
a. 2 and 3
b. 1 and 4
c. 1 and 3
d. 2 and 4
Q2) Sigma Company utilizes the retail inventory method to estimate its inventories. It calculated its cost to retail ratio during the period at 75%. Goods available for sale at retail amounted to P200,000 and goods were sold during the period for P125,000. The estimated cost of the ending inventory is
a. 75,000
b. 150,000
c. 56,250
d. 100,000
Q3) Chuchu records indicate the following information for the year:
Inventory 1/1 Php 440,000
Purchases 1,800,000
Net Sales 2,400,000
In December 31, a physical inventory determined that ending inventory of P480,000 was in the warehouse. Chuchu's gross profit on sales has remained constant at 30%. Chuchu suspects some of the inventory may have been taken by a new employee.
At December 31, what is the estimated cost of missing inventory?
a. 80,000
b. 160,000
c. 240,000
d. 560,000
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