Solution-What was the cost of goods sold for aileen maglana

What was the cost of goods sold for aileen maglana company

Reference no: EM132818060

Problem 1: Grace Ancheta Company which uses ne gross price method of recording purchases, and the periodic inventory system, bought merchandise for P8,000, terms 2/10, n/30. If Ancheta returns P2,000 of the goods to the vendor, the entry to record the return should include a

a. credit to purchases returns and allowances of P1,960.

b. debit to accounts payable of P2,000.

c. debit to discounts lost of P40.

d. debit to purchases returns and allowances of P1,960.

Problem 2: The Dec. 31, 2019 trial balance for Aileen Maglana Company included the followine: purchases, P40,000; purchases returns and allowances, P2,000; transportation in, P3,000; ending inventory was P8,000. What was the cost of goods sold for 2019?

a. P39,000 c. P38,000

b. P33,000 d. none of the above

Reference no: EM132818060

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What was the cost of goods sold for aileen maglana company

Reference no: EM132818060

Reference no: EM132818060

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