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  • PART 1. SUMMATIVE ASSESSMENT 1 - Income Statement Problem Solving

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    yow Bro
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    The document contains two problems regarding inventory and sales calculations. Problem 1 asks to calculate the amount of goods sold from August 1 to September 30 based on beginning inventory of P165,256.13, purchases of P110,901.45, and ending inventory of P98,542.63. Problem 2 provides sales, cost of goods sold, expenses including salaries, rent, bills, and miscellaneous, as well as returns, and asks to calculate the gross profit, operating expenses, and net profit for the month.

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    The document contains two problems regarding inventory and sales calculations. Problem 1 asks to calculate the amount of goods sold from August 1 to September 30 based on beginning inventory of P165,256.13, purchases of P110,901.45, and ending inventory of P98,542.63. Problem 2 provides sales, cost of goods sold, expenses including salaries, rent, bills, and miscellaneous, as well as returns, and asks to calculate the gross profit, operating expenses, and net profit for the month.

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    16 views2 pages

    PART 1. SUMMATIVE ASSESSMENT 1 - Income Statement Problem Solving

    Uploaded by

    yow Bro
    The document contains two problems regarding inventory and sales calculations. Problem 1 asks to calculate the amount of goods sold from August 1 to September 30 based on beginning inventory of P165,256.13, purchases of P110,901.45, and ending inventory of P98,542.63. Problem 2 provides sales, cost of goods sold, expenses including salaries, rent, bills, and miscellaneous, as well as returns, and asks to calculate the gross profit, operating expenses, and net profit for the month.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 2

    Emmanuel John B.

    Legaspi BOM13

    Problem 1

    On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13 and its
    purchases after that date amounted to P110,901.45. On September 30, the shop inventory was
    P98,542.63.

    Question: How much goods were sold? Show your proper solution, computerized and box your
    final

    Answer:

    Problem 2

    The total sales of Rona Department Store during the month of December were P5,976,418.12. The
    cost of goods during the month was P2,324,080.25.

    The expenses were as follows:

    Salaries and wages P170,910.83

    Rent P350,000.00

    Light and Water Bills P418,265.34

    Miscellaneous Expenses P120,450.25

    Some sales merchandise returns amounted to P1,480,980.00


    Question: Find the following: a.) Gross Profit b.) Operating Expenses c.) net profit for the month
    of December, 2020.
    Answer:

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