33. During a move to a new location, the inventory records of 98 Degrees were misplaced. The bookkeeper has been able to gather some data for the July purchases: Units Unit cost Total cost July 5 10,000 65 650,000 10 12,000 70 840,000 15 15,000 60 900,000 25 14,000 55 770,000 On July 31, 17,000 units were on hand. The sales for July amounted to P6,000,000 or 60,000 units at P100 per unit. The entity always used a perpetual FIFO inventory costing system. Gross profit on sales for July was P2,400,000. What was the cost of the inventory on July 1? 34. Thug Life Company provided the following information at year-end: Cost Retail Inventory, January 1 700,000 1,100,000 Purchases 4,200,000 5,700,000 Additional markup 200,000 Markdown 100,000 Sales 5,400,000 Under the approximate lower of average cost or NRV retail method, what is the inventory at year-end? 35. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000 Allowance for doubtful accounts, 1/1/22 28,600 Cash sales 300,000 Sales on account, terms: 2/10, 1/15, n/30 2,560,000 Cash received from customers during the year 2,400,000 Accounts written off during the year 17,600 Cash refunds given to cash customers for sales returns and allowances 15,000 Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000 Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent recovered 4,800 Total collection of accounts receivable for 2022 P 2,400,000 Starboy’s year-end balance of allowance for doubtful accounts was estimated to be 5% of the outstanding accounts receivable as at December 31, 2022. What was the balance of accounts receivable as at December 31, 2022?
33. During a move to a new location, the inventory records of 98 Degrees were misplaced. The bookkeeper has been able to gather some data for the July purchases:
|
|
Units |
Unit cost |
Total cost |
|
July 5 |
10,000 |
65 |
650,000 |
|
10 |
12,000 |
70 |
840,000 |
|
15 |
15,000 |
60 |
900,000 |
|
25 |
14,000 |
55 |
770,000 |
On July 31, 17,000 units were on hand. The sales for July amounted to P6,000,000 or 60,000 units at P100 per unit. The entity always used a perpetual FIFO inventory costing system. Gross profit on sales for July was P2,400,000.
What was the cost of the inventory on July 1?
34. Thug Life Company provided the following information at year-end:
|
|
Cost |
Retail |
|
Inventory, January 1 |
700,000 |
1,100,000 |
|
Purchases |
4,200,000 |
5,700,000 |
|
Additional markup |
|
200,000 |
|
Markdown |
|
100,000 |
|
Sales |
|
5,400,000 |
Under the approximate lower of average cost or NRV retail method, what is the inventory at year-end?
35. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022:
|
Accounts receivable, January 1, 2022 |
P 480,000 |
|
Allowance for doubtful accounts, 1/1/22 |
28,600 |
|
Cash sales |
300,000 |
|
Sales on account, terms: 2/10, 1/15, n/30 |
2,560,000 |
|
Cash received from customers during the year |
2,400,000 |
|
Accounts written off during the year |
17,600 |
|
Cash refunds given to cash customers for sales returns and allowances |
15,000 |
|
Credit memoranda issued to credit customers for sales returns and allowances |
25,000 |
The P2,400,000 collection is composed of the following:
|
Collection from customers availing the 10-day discount period: |
|
|
|
Gross selling price |
P 1,440,000 |
|
|
Discount taken (1,440,000 x 2%) |
( 28,800) |
P 1,411,200 |
|
Collection from customers availing the 15-day discount period: |
|
|
|
Gross selling price |
800,000 |
|
|
Discount taken (800,000 x 1%) |
( 8,000) |
792,000 |
|
Collection from customers paying beyond the discount period: |
|
192,000 |
|
Collection of accounts previously written and subsequent recovered |
4,800 |
|
|
Total collection of accounts receivable for 2022 |
P 2,400,000 |
Starboy’s year-end balance of allowance for doubtful accounts was estimated to be 5% of the outstanding accounts receivable as at December 31, 2022.
What was the balance of accounts receivable as at December 31, 2022?
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