Professional Documents
Culture Documents
Aud 5
Aud 5
Finished goods in company-owned retail store, including a 50% profit on cost 420,180
Finished goods in hands of consignees, including 40% profit on sales 294,450
Finished goods in transit to customers, shipped FOB shipping point 135,575
Finished goods in transit to customers, shipped FOB destination 155,457
Finished goods out on approval, at cost 113,487
Unsalable finished goods, at cost 41,986
Goods in process 1,117,578
Unexpired insurance on inventories 25,123
Advertising catalogs and shipping cartons 105,435
Office supplies 11,851
Shipping supplies 8,757
Gasoline and oil for testing finished goods 88,794
Machine Lubricants 31,645
Materials purchased in transit shipped FOB shipping point, excluding freight of P18,681 218,242
Defective materials returned to suppliers for replacement 78,789
Materials 2,189,668
Advance payment for materials ordered 98,143
TOTAL 7,041,035
add 1,905,875 1,906,275
add 280120 280,453
add 176670 176,370
0
add 155,457 155,957
add 113,487 113,687
0
add 1,117,578 1,117,278
0
0
0
0
add 88,794 89,394
add 31,645 31,745
add 236,923 237,523
0
add 2,189,668 2,189,368
0
6,296,217 6,298,050
Jan. 1 Dec. 31
Accounts payable 556,000 257,000 299,000
Direct materials 207,000 326,000
Work in process 258,000 288,000
Finished goods 405,000 ?
Sales 5,112,000
Sales Discount 106,000
Purchases 3,201,000
Freight in (on account) 132,000
Purchase returns and allowances 73,000
Purchase discounts 84,000
Gross profit rate 24%
Cost of Good Out on Consignment 21,500
Salvage Value 12,000
Direct Labor 912,000
Factory Overhead 678,900
Sales 1,640,000
Normal Shrinkage 4% of Sale 65600
normal loss shoplifting 55000
Net Sale 1,760,600
GAFS- Average 2,371,000
Less: Net Sale 1,760,600
Ending Inventory at Retail 610,400
fifo
Ending Inventory at Retail 610,400.00
fifo 71.79%
Ending Inventory at Cost 438,206.16
GAFS at Cost 1,689,000
Ending Inventory at Cost 438,206.16
1,250,794
Average
Ending Inventory at Retail 610,400.00
Conservative 71.24%
Ending Inventory at Cost 434,848.96
Average 1,689,000
Ending Inventory at Cost 434,848.96
1,254,151
Conservative
Ending Inventory at Retail 610,400.00
Conservative 68.21%
Ending Inventory at Cost 416,353.84
GAFS at Cost 1,689,000
Ending Inventory at Cost 416,353.84
1,272,646
Cost Retail
Inventory, January 1 264,000 386,000
Purchases 1,425,000 1,875,000
Net Mark-ups 215,000
Cost Ratio
GAFS- Conservative 1,689,000 2,476,000 0.6821
Less: Net Mark-downs 105,000
GAFS- Average 1,689,000 2,371,000 0.7124
Less: Net Sale 1,705,600
Ending Inventory at Retail 665,400
1,689,000 -264,000
FIFO
2,371,000 -386,000 71.79%
Average 71.24%
Conservative 68.21%
Sales 1,640,000
Normal Shrinkage 4% of Sale 65600
Net Sale 1,705,600
fifo
Ending Inventory at Retail 610,400.00
fifo 71.79%
Ending Inventory at Cost 438,206.16
GAFS at Cost 1,689,000
Ending Inventory at Cost 438,206.16
1,250,794
Average
Ending Inventory at Retail 610,400.00
Conservative 71.24%
Ending Inventory at Cost 434,848.96
Average 1,689,000
Ending Inventory at Cost 434,848.96
1,254,151
Conservative
Ending Inventory at Retail 610,400.00
Conservative 68.21%
Ending Inventory at Cost 416,353.84
GAFS at Cost 1,689,000
Ending Inventory at Cost 416,353.84
1,272,646