Reference no: EM132915382
Cora Company has the following data during the current year:
Inventory
January 1 P 800,000
Purchases 1,200,000
Purchase return 10,000
Purchase allowance 5,000
Purchase discount 15,000
Freight in 70,000
Sales 1,250,000
Sales Return 60,000
Sales Allowance 5,000
Sales Discount 5,000
The entity has a gross profit rate on sales of 25%.
Problem 1: Compute for the cost of goods sold during the period.
Group of answer choices
a. P 885,000
b. P 1,540,000
c. P 825,000
d. P 1,155,000
Problem 2: This approach of Retail Inventory Method assume that markup and markdown applies only to goods purchased during the year, thus excludes the beginning inventory in computing the cost ratio.
Group of answer choices
a. LIFO
b. Average
c. FIFO
d. Conservative
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