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What is the fair value traded in merchandise

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Question - XYZ Company sold cellphones on installment basis on July 1, 2015. The unit cost to the company was Php 388,800 but the installment selling price was set at Php 550,800. Terms of payment included the acceptance of used cellphones with trade in allowance of Php 194,400. Cash of Php 32,400 was paid in addition to the traded in cellphones with the balance to be paid be paid in ten monthly installments die at the end of each month commencing the month after the month of sale. It would require Php 8,100 to recondition the used cellphones so that it could be resold for Php 162.000. A 15% gross profit was usual from the sale of used cellphones.

1. What is the fair value traded in merchandise?

2. How much is the under/ (over) allowance in trade in?

3. What is the Gross Profit rate?

4. How much is the monthly payment?

5. How much is the Realized Gross Profit in 2015?

Reference no: EM133018683

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