MCP 3-8 - Retail inventory method (Average) The records of Westbrook Department Store report the following data
Question:
MCP 3-8 - Retail inventory method (Average) The records of Westbrook Department Store report the following data for the month of January: Beginning inventory at cost P 440,000 Beginning inventory at sales price 800,000 Purchases at cost 4,500,000 Initial markup on purchases 2,900,000 Purchase returns at cost 240,000 Purchase returns at sales price 350,000 Freight on purchases 100.000 Additional mark up 250,000 Mark up cancellations 100,000 Mark down 600,000 Mark down cancellations 100,000 Sales 5,300,000 Sales allowances 300,000 Sales returns 400,000 Employee discounts 200,000 Theft and other losses 100,000 Using the average retail inventory method, Westbrook's ending inventory at cost is
a. P1,024,000
b. P1,472,000
C. P1,536,000
d. P1,664,000
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill