Fall Company began operations in the current year. The entity used perpetual inventory system. 1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000. All...

Fall Company began operations in the current year. The entity used perpetual inventory system.

1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000. All purchases were made under the terms 2/10, n/30, FOB destination.

2. Fall Company paid freight charge of P50,000.

3. During the year, Fall Company paid for 80% of the merchandise within the discount period.

4. The remaining 20% was paid beyond the discount period.

5. Fall Company sold 70% of the merchandise

Aug 23, 2022

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Fall Company began operations in the current year. The entity used perpetual inventory system. 1. During the year, Fall Company purchased merchandise having a gross invoice cost of P1,000,000. All...

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