27-29

Please provide a solution.

1.) The following information applies to Agony. Inc. for 2019:

Merchandise purchased for resale 400,000

Freight-in 10,000

Freight-out 5,000

Purchase returns 2,000

. How much is Agonys 2019 inventoriable cost?

Group of answer choices

A. P 408,000

B. P 413,000

C. P 403,000

D. P 400,000

2.) On March 1, 2020, Good Company purchased a tract of land for P 18,000,000. Good incurred an additional cost of P 4,500,000 during the remainder of the year 2020 in preparing the land for sale. The land was subdivided into residential lots as follows:

Lot Class Number of Lots Sales Price per Lot

A	100	240,000
B	100	160,000
C	200	100,000

Using the relative sales price method, how much should be allocated to Class A lot?

Group of answer choices

A. P 7,200,000

B. P 10,800,000

C. P 9,000,000

D. P 8,640,000

3.) Canary Menswear regularly buys shirts from Ube Company and is allowed trade discounts of 20% and 10% from the list price. Canary purchased shirts on May 9, 2020 and received an invoice with a list price of P 50,000 and payment terms of 2/10, n/30. Canary uses the net method of recording purchases.

At what amount should Canary record the purchases?

Group of answer choices

A. P 36,000

B. P 35,280

C. P 35,000

D. P 34,300

Please provide a solution.