30-32

Please provide a solution

1.) On June 1, 2020, Pitt sold merchandise with a list price of P 50,000 on Bull on the account. Pitt allowed trade discounts of 30%, 20%, and 10%. Credit terms were 2/15, n/40 and the sale was made FOB destination. Bull paid P 2,000 of delivery costs.

On June 12, 2020, how much did Pitt receive from Bull as full payment?

Group of answer choices

A. P 26,656

B. P 26,696

C. P 22,696

D. P 24,696

2.) Clothes Company maintains a markup of 60% based on cost. The companys selling and administrative expenses average 30% of sales. Annual sales were P 1,440,000.

How much should be reported as cost of sales and operating profit, respectively?

Group of answer choices

A. P 864,000; P 432,000

B. P 900,000; P 432,000

C. P 864,000; P 144,000

D. P 900,000; P 108,000

3.) Tape Company reported the following balances at December 31, 2019 and 2020:

	12/31/2020	12/31/2019
Inventory	2,600,000	2,900,000
Accounts Payable	750,000	500,000

The company paid its suppliers P 4,900,000 during the year ended December 31, 2020.

How much should Tape report as cost of goods sold in its December 31, 2020 statement of comprehensive income?

Group of answer choices

A. P 4,950,000

B. P 4,350,000

C. P 4,850,000

D. P 5,450,000

Please provide a solution