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What fine cost of goods sold for the year ended december

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Question 1: On December 30, 2014, Fine Corporation sold merchandise for P75,OOO to Day COmpany. The terms of the sale were n/30, FOB Shipping point. merchandise was shipped on December 31, 2014, and arrived at Day Company on January 2, 2015. Due to a clerical error, the sale was not recorded until January 2015 and the merchandise, sold at a 25% markup on cost, was included in Fine's inventory at December 31, 2014. As a result, Fine's cost of goods sold for the year ended December 31. 2014 was

A. Understated by P15,000

B. Understated by P60,000

C. Understated by P70,000

D. Correctly stated

Reference no: EM132787742

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