3. 4. PC Exchange Company, a computer store in Greenhills, specializes in the sale of IBM...

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3. 4. PC Exchange Company, a computer store in Greenhills, specializes in the sale of IBM compatibles and software packages and had the following transactions with one of its suppliers: Purchases of IBM compatibles Purchases of commercial software packages Purchase returns and allowances Purchase discounts taken Purchases were made throughout the year on terms 3/10, n/30. All returns and allowances took place within 5 days of purchase and prior to any payment of account. How much were the discounts lost? a. P19,680 b. P19,200 O a. b. O The inventory on hand on December 31, 2006 for PC Lounge is valued at a cost of P1,500,000. The following items were not included in the inventory: O C. d. - P656,000 180,000 16,000 5,400 P13,800 P14,280 Purchases of goods still in transit, shipped FOB destination, with price of P150,000 which includes freight charge of P25,000. Goods held on consignment by PC Lounge at a sales price of P100,000, excluding a 20% commission on the sales price. Freight paid by PC Lounge is P10,000. Goods sold in transit FOB destination with invoice price of P245,000 which includes freight charge of P20,000 to deliver the goods. Purchases of goods still in transit FOB shipping point with invoice of P300,000. Freight cost, P30,000. P2,095,000 P2,080,000 Goods out on consignment with sales price of P150,000. Shipping cost to consignee is P15,000. The corporation's policy on its selling price is 150% of cost. What is the correct inventory at December 31, 2006? P2,050,000 P1,500,000 C. d. 3. 4. PC Exchange Company, a computer store in Greenhills, specializes in the sale of IBM compatibles and software packages and had the following transactions with one of its suppliers: Purchases of IBM compatibles Purchases of commercial software packages Purchase returns and allowances Purchase discounts taken Purchases were made throughout the year on terms 3/10, n/30. All returns and allowances took place within 5 days of purchase and prior to any payment of account. How much were the discounts lost? a. P19,680 b. P19,200 O a. b. O The inventory on hand on December 31, 2006 for PC Lounge is valued at a cost of P1,500,000. The following items were not included in the inventory: O C. d. - P656,000 180,000 16,000 5,400 P13,800 P14,280 Purchases of goods still in transit, shipped FOB destination, with price of P150,000 which includes freight charge of P25,000. Goods held on consignment by PC Lounge at a sales price of P100,000, excluding a 20% commission on the sales price. Freight paid by PC Lounge is P10,000. Goods sold in transit FOB destination with invoice price of P245,000 which includes freight charge of P20,000 to deliver the goods. Purchases of goods still in transit FOB shipping point with invoice of P300,000. Freight cost, P30,000. P2,095,000 P2,080,000 Goods out on consignment with sales price of P150,000. Shipping cost to consignee is P15,000. The corporation's policy on its selling price is 150% of cost. What is the correct inventory at December 31, 2006? P2,050,000 P1,500,000 C. d.

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Lets solve this stepbystep 3 Discounts lost Discounts not taken Purchases were made on terms 310 n30 ... View the full answer