Net Sales Gross Sales Php Less: Sales Returns & Allowances Php 45,000 15,000 Sales Discounts Net Sales Php Cost of Goods Sold Php 220,000 Inventory, Jan. 1, 2018 Purchases Php 985,000 Less: Purchases...

Net Sales<br>Gross Sales<br>Php<br>Less: Sales Returns & Allowances<br>Php 45,000<br>15,000<br>Sales Discounts<br>Net Sales<br>Php<br>Cost of Goods Sold<br>Php 220,000<br>Inventory, Jan. 1, 2018<br>Purchases<br>Php 985,000<br>Less: Purchases Returns & Allowances Php 31,000<br>Purchase Discounts<br>20,000<br>Net Purchases<br>Php<br>36,000<br>Transportation-In<br>Net Cost of Purchases<br>Php<br>260,000<br>Cost of Goods Available for Sale<br>Less: Inventory, Dec. 31, 2018<br>Cost of Goods Sold<br>Gross Profit from Sales<br>Php 620,000<br>Operating Expenses<br>Profit<br>Required:<br>Insert the missing figures in the income statement above. Note that the Gross Profit is 40% of Net Sales and Profit is<br>10% of Net Sales.<br>

Extracted text: Net Sales Gross Sales Php Less: Sales Returns & Allowances Php 45,000 15,000 Sales Discounts Net Sales Php Cost of Goods Sold Php 220,000 Inventory, Jan. 1, 2018 Purchases Php 985,000 Less: Purchases Returns & Allowances Php 31,000 Purchase Discounts 20,000 Net Purchases Php 36,000 Transportation-In Net Cost of Purchases Php 260,000 Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 Cost of Goods Sold Gross Profit from Sales Php 620,000 Operating Expenses Profit Required: Insert the missing figures in the income statement above. Note that the Gross Profit is 40% of Net Sales and Profit is 10% of Net Sales.

Jun 09, 2022

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Net Sales Gross Sales Php Less: Sales Returns & Allowances Php 45,000 15,000 Sales Discounts Net Sales Php Cost of Goods Sold Php 220,000 Inventory, Jan. 1, 2018 Purchases Php 985,000 Less: Purchases...

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