PACK COST SALES

COST ON GOODS SOLD 1 100 200

PURCHASES
RETURNS AND ALLOWANCES, DISCOUNTS
FREIGHT IN
FREIGHT OUT

PERPETUAL INVENTORY SYSTEM EVERY SALES TRANSACTION, YOU ARE ALREADY RECORDING
PERIODIC INVENTORY SYSTEM TO COMPUTE ALL COST BY THE END OF THE PERIOD

PERIODIC
Aug-01 ACCOUNTS RECEIVABLE ₱ 21,000.00
SALES ₱ 21,000.00

3 PURCHASES ₱ 38,000.00
ACCOUNTS PAYABLE ₱ 38,000.00

5 FREIGHT-IN ₱ 290.00
CASH ₱ 290.00

6 SUPPLIES ₱ 6,360.00
ACCOUNTS PAYABLE ₱ 6,360.00

8 PURCHASES ₱ 36,000.00
FREIGHT-IN ₱ 200.00
ACCOUNTS PAYABLE ₱ 36,200.00

12 SALES RETURNS AND ALLOWANCES ₱ 6,000.00

ACCOUNTS RECEIVABLE ₱ 6,000.00

15 ACCOUNTS RECEIVABLE ₱ 12,000.00

SALES ₱ 12,000.00

16 ACCOUNTS PAYABLE ₱ 2,000.00

PURCHASE RETURNS AND ALLOWANCES ₱ 2,000.00

17 CASH ₱ 10,000.00
SALES ₱ 10,000.00

18 SALES RETURNS AND ALLOWANCES ₱ 2,000.00

ACCOUNTS RECEIVABLE ₱ 2,000.00

24 ACCOUNTS PAYABLE ₱ 38,000.00

CASH ₱ 38,000.00

25 CASH ₱ 19,000.00
 ACCOUNTS RECEIVABLE ₱ 19,000.00
PERPETUAL
Mar-07 ACCOUNTS RECEIVABLE ₱ 3,000.00
SALES ₱ 3,000.00

COST OF GOODS SOLD ₱ 1,800.00

MERCHANDISE INVENTORY ₱ 1,800.00

8 MERCHANDISE INVENTORY ₱ 6,000.00

ACCOUNTS PAYABLE ₱ 6,000.00

9 FREIGHT-IN ₱ 254.00
CASH ₱ 254.00

10 MERCHANDISE INVENTORY ₱ 9,000.00

ACCOUNTS PAYABLE ₱ 9,000.00

FREIGHT-IN ₱ 600.00
ACCOUNTS PAYABLE ₱ 600.00

14 ACCOUNTS RECEIVABLE ₱ 2,400.00

SALES ₱ 2,400.00

COST OF GOODS SOLD ₱ 1,440.00

MERCHANDISE INVENTORY ₱ 1,440.00

14 ACCOUNTS PAYABLE ₱ 600.00

PURCHASE RETURNS AND ALLOWANCES ₱ 600.00

17 CASH ₱ 3,000.00
ACCOUNTS RECEIVABLE ₱ 3,000.00

19 CASH ₱ 1,800.00
SALES ₱ 1,800.00

COST OF GOODS SOLD ₱ 1,080.00

MERCHANDISE INVENTORY ₱ 1,080.00

20 ACCOUNTS PAYABLE ₱ 9,600.00

CASH ₱ 9,600.00

21 ACCOUNTS PAYABLE ₱ 8,400.00

CASH ₱ 8,400.00

24 SALES RETURNS AND ALLOWANCES ₱ 200.00

ACCOUNTS RECEIVABLE ₱ 200.00

MERCHANDISE INVENTORY ₱ 120.00

COST OF GOODS SOLD ₱ 120.00
 FOB SHIPPING POINT
FOB DESTINATION

N, YOU ARE ALREADY RECORDING THE COST

THE END OF THE PERIOD

GROSS NET
 STATEMENT OF PROFIT/LOSS

SALES ₱ 43,000.00
LESS:
SALES RETURNS AND ALLOWANCES ₱ 8,000.00
NET SALES ₱ 35,000.00
LESS: COST OF GOODS SOLD(?)
INVENTORY, BEGINNING ₱ 30,000.00
PURCHASES ₱ 74,000.00
ADD:FREIGHT IN ₱ 490.00
LESS: PURCHASE RETURNS AND ALLOWANCES ₱ 2,000.00
TGAS(TOTAL GOODS AVAILABLE FOR SALE ₱ 102,490.00
LESS: INVENTORY, ENDING ₱ 25,000.00
COST OF GOODS SOLD ₱ 77,490.00
GROSS PROFIT/LOSS -₱ 42,490.00