FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1

MODULE 14

JENNY MAE D. OTTO GRADE 12 ABM-YEN

ENRICHMENT ACTIVITY 4

A.

Sales (10*50.00) Php. 500.00

Less: Cost of Goods Sold Php. 300.00

Gross Profit Php. 200.00

B. Beginning Inventory Php. 100,000.00

Purchases Php. 450,000.00

Ending Inventory (Php. 35,000.00)

Cost of Goods Php. 515,000.00

C.

ABM Company

Income Statement

December 31, 2022

Sales Php. 400,000.00

Add: Beginning Inventory Php. 20,000.00

Purchases Php. 215,000.00

Freight In Php. 1,800.00

Less: Purchase Discount (6,000.00)

Purchase Ret. & Allowances (3,000.00)

Cost of Goods Available for sale Php. 227,000.00

Less Ending Inventory Php. 23,000.00

Cost of Goods Sold Php. 204,800.00

Gross Profit Php. 195,200.00