ASSESSMENT 2 - COST of SALES

1. The records of a business show the following information: Sales, P724,200;

sales discounts, P10,000; sales returns, P3,600; and freight-in, P5,300. How
much is the net sales?

2. The records of a business show the following information: Sales, P426,800;

Inventory, beg. P22,400; Purchases, P220,000; Freight-in, P12,000; Purchase
discounts, P4,500; Sales returns, P21,600; and Purchase returns, P3,000. How
much is the net purchases?

3. The records of a business show the following information: Sales, P364,000;

Purchases, P252,000; Freight-in, P11,000; Purchase discounts, P4,900; Sales
returns, P12,600; Purchase returns, P3,000; Inventory, beg. P22,400; and
Inventory, end. P15,000. How much is the total goods available for sale?

4. Use the information in #3 above. How much is the cost of goods sold?

5. Inventory, beg. P33,000; Net purchases, P128,000; Cost of goods sold,

P96,000. How much is the Inventory, end?

6. Inventory, beg. P89,000; Net purchases, P217,000; Cost of goods sold,

P154,000. How much is the Inventory, end?

7. Inventory, beg. P20,000; Net purchases, P176,000; Inventory, end., P90,000.

How much is the cost of goods sold?

8. Inventory, beg. P24,000; Cost of goods sold, P89,000; Inventory, end. P19,000.
How much is the Net purchases?

9. Inventory, end. P62,000; Net purchases, P216,000; Cost of goods sold,

P244,000. How much is the Inventory, beg.?

10. Inventory, end. P148,000; Net purchases, P236,000; Cost of goods sold,
P344,000. How much is the Total Goods Available for Sale?

11. Net purchases, P170,000; Increase in inventory during the year, P40,000.
How much is the cost of goods sold?

12. Net purchases, P170,000; Decrease in inventory during the year, P40,000.
How much is the cost of goods sold?

13. Cost of goods sold, P720,000; Increase in inventory during the year, P80,000.
How much is the net purchases?
14. Inventory, beg. P4,000; Total goods available for sale, P190,000; Cost of
goods sold, P169,000. How much is the change in inventory during the year?
Increase (decrease)
15. Total goods available for sale, P71,000; Net purchases, P59,000; Inventory, end., P5,000;
How much is the change in inventory during the year? Increase (decrease)