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ABC Company sold Cellphones on instalment basis on July 1, 2018. The Unit cost to the company was P388,800, but the instalment selling price was set at P550,800. Terms of payment included the acceptance of used Cellphones with trade in allowance of P194,400. Cash of P32,400 was paid in addition to the traded in Cellphones with the balance to be paid in ten monthly instalments due at the end of each month commencing the month after the month of sale. It would require P8,100 to recondition the used Cellphones so that it could be resold for P162,000. A 15% gross profit was usual from the sale of used cellphones.
Question 1: How much is the fair value traded in merchandise?
Question 2: How much is the under/ (over) allowance in trade in?
Question 3: What is the Gross Profit rate?
Question 4: How much is the monthly payment?
Question 5: How much is the total Realized Gross Profit in 2018?
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