Audit of Inventory | Cost Of Goods Sold - School Work [PDF]

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Audit of Inventory | Cost Of Goods Sold

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p2 - Guerrero Ch17.Docx | Cost Of Goods Sold | Inventory (/p2guerrero-ch17-docx-cost-ofgoods-sold-inventory) Job Order Costing Managerial Accounting 15E | Cost Of Goods Sold | Inventory (/job-ordercosting-managerial-accounting15e-cost-of-goods-sold-inventory)

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Category: SCHOOL WORK (/category/School-Work) Published: May 10, 2017

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ACCT 304 Final Exam Solutio1 | Cost Of Goods Sold | Inventory (/acct-304-final-exam-solutio1cost-of-goods-sold-inventory) chap002_Student.ppt | Cost Of

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Goods Sold | Inventory (/chap002-student-ppt-cost-ofgoods-sold-inventory) ch06, Accounting Principles | Cost

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Of Goods Sold | Inventory (/ch06accounting-principles-cost-ofgoods-sold-inventory) 322029612 ACCT 505

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Tags Cost Of Goods Sold (/tag/cost-of-goods-sold) Accounts Payable (/tag/accounts-payable) Product (Business) (/tag/product-business)

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Inventory (/tag/inventory) invoice (/tag/invoice)

Managerial Accounting Entire Course | Cost Of Goods Sold | Inventory (/322029612-acct-505Profit Center Accounting | Cost Of managerial-accounting-entireGoods Sold | Inventory (/profitcourse-cost-of-goods-soldcenter-accounting-cost-of-goodsinventory) sold-inventory) Managerial and Cost Accounting Exercises i | Cost Of Goods Sold | Inventory (/managerial-and-costaccounting-exercises-i-cost-ofOperational Budgeting Reviewer | goods-sold-inventory) Inventory | Cost Of Goods Sold (/operational-budgeting-reviewerinventory-cost-of-goods-sold) ACCT 304 Week 8 Final Exam |

1 CHAPTER 5 – Audit of Inventory Exercises - Analysis of Transactions 1. Moneba Company bought merchandise on January 2, 2006 from Lynn Company costing P15,000; Cost Of Goods Sold | Inventory terms, less 20%, 20% down payment, balance 2/10, n/30. Two days after, P2,000 worth of (/acct-304-week-8-final-exammerchandise was returned due to wrong specification. Moneba Company paid the account cost-of-goods-sold-inventory) ACCT 505 (Managerial within the discount period. How much Moneba Company paid to Lynn Company? a. P Accounting) Entire Course | Cost 7,600 b. P 7,448 c. P 7,408 d. P 7,360 Answer - P 7,448 Buyer Seller Purchases 12,000 Of Goods Sold | Inventory (/acctAccounts Receivable 9,600 Cash 2,400 Cash 2,400 Accounts Payable 9,600 Sales 12,000 505-managerial-accounting Accounts payable 2,000 Sales 2,000 Purchases 2,000 Accounts Receivable 2,000 ACC 557 Homework 2 Chapter , entire-course-cost-of-goods-sold Accounts payable 7,600 Cash 7,448 Purch. Disc. 152 Sales Discount 152 Cash 7,448 4, 5 and 6 | Cost Of Goods Sold | inventory) Accounts Receivable 7,600 2. Merchandise shipped fob destination to customer was made Inventory (/acc-557-homework-2on January 5, 2006 for P25,000. The customer issued P10,000 12% 30-day note and the chapter-4-5-and-6-cost-of-goodscomp_exams.doc | Cost Of balance 2/10, n/30 on January 10, 2006, the date the goods were received. The customer sold-inventory) Goods Sold | Inventory (/compmade a partial payment on January 15, 2006 for P5,000. Payment was made within the exams-doc-cost-of-goods-solddiscount period. How much discount was granted? a. P 0 b. P 200 c. P 300 d. P 500 inventory) CompExamsKW.doc | Cost Of Answer - P 300 Buyer Seller Jan . 5 No Entry Jan. 5 No Entry Jan. 10 Purchases 25,000 Goods Sold | Inventory Jan. 10 Notes Receivable 10,000 Notes payable 10,000 Accounts Receiv. 15,000 Accounts (/compexamskw-doc-cost-ofpay. 15,000 Sales 25,000 Jan. 15 Accounts pay. 5,000 Jan 15 Cash 5,000 Cash 5,000 goods-sold-inventory) Accounts receiv. 5,000 Date of Payment: Accounts pay. 10,000 Cash 9,700 Cash 9,700View more... Sales discount 300 Purchase discount 300 Accounts reciev. 10,000 Discount : P15,000 x(/search/Audit+of+Inventory+Cost+Of+Goods+Sold) 2% = P300 3. On January 10, 2006, Lao Company sold merchandise on account fob destination to Febryan Co. for P20,000. Febryan Co. paid the freight cost of P1,500 to be deducted from its account. How much Febryan Company paid to Lao Company? a. P 21,500 b. P 20,000 c. P 19,600 d. P 18,500 Answer - P 18,500 Seller Buyer Accounts receivable 18,500 Purchases 20,000 Transportation expense 1,500 Accounts payable 18,500 Sales 20,000 Cash 1,500 Cash 18,500 Accounts payable 18,500 Accounts receivable 18,500 Cash 18,500 2 4. Goods worth P12,000 was shipped on account (2/10, n/30) to Ibuyan Company on January 15, 2006 from Rubenil Company The term of Related Search the shipment was fob shipping point. Rubenil Company paid freight of P950. On January 12, 2006, P2,500 worth of merchandise was received by Rubenil Co. from Ibuyan Co. due to Cost Of Goods Sold (/search/cost+of+goods+sold) cost of goods (/search/cost+of+goods) transport of goods (/search/transport+of+goods) wrong specification. Ibuyan Company made a partial payment of P5,000. How much is the subsequent collection of Rubenil Company from Ibuyan Company assuming Ibuyan movement of goods (/search/movement+of+goods) provision of goods (/search/provision+of+goods) Company paid within the discount period? a. P 5,450 b. P 5,260 c. P 4,500 d. P 4,410 Procurement of Goods (/search/procurement+of+goods) delivery of goods (/search/delivery+of+goods) Answer- P 5,260 Buyer Seller Purchases 12,000 Accounts receivable 12,950 Freight-in 950 Sales 12,000 Accounts payable 12,950 Cash 950 Account payable 2,500 Sales 2,500 sale of goods (/search/sale+of+goods) basket of goods (/search/basket+of+goods) local prices of goods (/search/local+prices+of+goods) Purchases 2,500 Accounts receivable 2,500 Accounts payable 5,000 Cash 5,000 Cash 5,000 Accounts receivable 5,000 Accounts payable 5,450 Cash 5,260 Cash 5,260 Sales discount 190 Purchase discount 190 Accounts receivable 5,450 Discount – P12,000 – Interview Pr Emmanuel Hirsch (/interview-pr-emmanuel-hirsch) acctts | Management Information System P2,500 = P9,500 x 2% = P190 5. Gabutero Company purchased merchandise on account for P10,000 from Lilibeth Company with term shipping point. The freight cost was P1,500 and was paid by Gabutero Company Upon the arrival of the carrier, it found out that the About (/site/about.html) Terms (/site/terms.html) DMCA (/site/DCMA.html) Contact (/site/contact.html) Donations merchandise got lost while in transit. The carrier company accepted the loss as their fault. (/site/donate.html) RSS Feed (/rss/lastest) How much is the subsequent collection of Lilibeth Company from Gabutero Company? a. P © 2017 DocMH.com. All rights reserved. 11,500 b. P 10,000 c. P 8,500 d. P 0 Answer - P 10,000 Buyer Seller Purchases 10,000

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