Compute The Cost Of Sales For December 31, 2020.: Required

PROBLEM 1 The following information pertains to Valdez Company: Required: Compute the cost of sales for December 31, 2020. Merchandise Inventory, 1/1/20 Purchases Add: Transportation In Total Purchases: Less: Purchase Returns and Allowances Less: Purchase Discount Less: Ending Inventory, 1/31/20 TOTAL COST OF SALES:

₱1,200,000.00 ₱4,300,000.00 ₱172,000.00

₱4,472,000.00

₱129,000.00 ₱125,000.00 ₱1,900,000 -₱2,154,000.00 ₱3,518,000.00

PROBLEM 2 The partial income statements of five different companies are as follows: Required: Replace the letter blanks with appropriate amounts. Net Sales Merchandise Inventory, 1/1/20 Net Cost of Purchases Goods Available for Sale Merchandise Inventory, 1/31/20 Cost of Sales Gross Profit

120,000 30,000 80,000 110,000 40,000 70,000 50,000

180,000 50,000 110,000 160,000 20,000 140,000 40,000

250,000 70,000 190,000 260,000 30,000 230,000 20,000

290,000 40,000 160,000 200,000 70,000 30,000 160,000

400,000 120,000 390,000 510,000 130,000 380,000 20,000

PROBLEM 3 Charito Retailers has the following accounts as of December 31, 2019: Required: Prepare a partial income statement.