Sunteți pe pagina 1din 8

Name: ________________________

SET A

Cost of goods sold

1. Complete the following data taken from the condensed income statements for merchandising Companies A, B, & C. Company A 315 ? 430 ? 545 Company B ? 865 ? 125 320 Company C 215 560 325 ? ?

Net income Sales Gross Profit Operating Expenses Cost of merchandise sold

2. Using the following data taken from Hsus Imports Inc., prepare the cost of merchandise sold section of the income state ment for the year ended March 31, 2013. Merchandise inventory, April 1, 2012 P193,250 Merchandise inventory, March 31, 2013 180,100 Purchases 1,079,600 Purchases returns and allowances 51,200 Purchases discounts 18,500 Sales 1,860,000 Freight in 19,250 3. Calculate the gross profit for Jonas Company based on the data given below: Sales Selling Expenses Cost of Merchandise Sold Sales Discounts Sales Returns and Allowances P835,000 52,500 476,000 7,100 3,650

4. During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost of the merchandise s old is P76,240. What is the amount of the gross profit? 5. Abbey Co. sold merchandise to Gomez Co. on account, P35,000, terms 2/15, net 45. The cost of the merchandise sold is P24,500. Abbey Co. issued a credit memo for P3,600 for merchandise returned that originally cost P1,700. Gomez Co. pai d the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transaction s? 6. Based upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 P 75,560 Merchandise Inventory August 31 96,330 Purchases 373,880 Purchases Returns & Allowances 14,760 Purchases Discounts 10,900 Freight In 4,135 7. Complete the following data taken from the condensed income statements for merchandising Companies X, Y, & Z. Company X Company Y Company Z Net income or (loss) 220 ? (70) Sales ? 1,315 890 Gross Profit 435 ? 465 Operating Expenses ? 565 ? Cost of merchandise sold 330 775 ? 8. During the current year, merchandise is sold for P137,500 cash and P425,600 on account. The cost of the merchandise sold is P322,325. What is the amount of the gross profit? 9. During the current year, merchandise is sold for P117,500 cash and P241,750 on account. The cost of the merchandise sold is P157,400. What is the amount of the gross profit?

Page 1 of 1 SY2013-2014, 1st Semester Prof. GM

ID: A

Cost of goods sold Answer Section OTHER 1. ANS:

Net income Sales Gross Profit Operating Expenses Cost of merchandise sold

Company A 315 975 430 115 545

Company B 420 865 545 125 320

Company C 215 560 325 110 235

OR Rearranged in the order of the income statement: Company A Company B Sales 975 865 Less COMS 545 320 Gross Profit 430 545 Less Operating Expenses 115 125 Net income 315 420
PTS: NAT: 2. ANS:

Company C 560 235 325 110 215

1 DIF: Difficult OBJ: 06-01 | 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Cost of merchandise sold: Merchandise inventory, April 1, 2010 Purchases Less: Purchases returns and allowances Purchases discounts Net purchases Add Freight in Cost of merchandise purchased Merchandise available for sale Less merchandise inventory, March 31, 2011 Cost of merchandise sold
PTS: NAT: 3. ANS:

$193,250 $1,079,600 $51,200 18,500

69,700 $1,009,900 19,250 1,029,150 $1,222,400 180,100 $1,042,300

1 DIF: Difficult OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Sales $835,000 - Sales Discounts $7,100 - Sales Returns and Allowances $3,650 - Cost of Merchandise Sold $476,000 = Gross Profit $348,250
PTS: NAT: 1 DIF: Moderate OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Page 1 of 3 SY2013-2014, 1st Semester Prof. GM

ID: A

4. ANS:

Total sales $179,950 less $76,240 = $103,710 gross profit.


PTS: NAT: TOP: 5. ANS: 1 DIF: Easy OBJ: 06-01 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements Example Exercise 6-1

$7,972 (Net Sales $35,000 - $3,600 - $628) - (Cost of Merchandise Sold $24,500 - $1,700)
PTS: NAT: 6. ANS: 1 DIF: Difficult OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Cost of merchandise sold: Merchandise Inventory August 1 Purchases Less: Purchases Returns and Allowances Purchases Discounts Net Purchases Add Freight In Cost of merchandise purchased Merchandise available for sale Less merchandise inventory, August 31 Cost of merchandise sold
PTS: NAT: TOP: 7. ANS:

$75,560 $373,880 $14,760 10,900 25,660 $348,220 4,135 352,355 427,915 96,330 $331,585

1 DIF: Moderate OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements Example Exercise 6-2

Net income or (loss) Sales Gross Profit Operating Expenses Cost of merchandise sold

Company X 220 765 435 215 330

Company Y (25) 1,315 540 565 775

Company Z (70) 890 465 535 425

OR Rearranged in the order of the income statement: Company X Company Y Sales 765 1,315 Less COMS 330 775 Gross Profit 435 540 Less Operating Expenses 215 565 Net income or (loss) 220 (25)
PTS: NAT: 8. ANS:

Company Z 890 425 465 535 (70)

1 DIF: Difficult OBJ: 06-01 | 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

$240,775 ($137,500 + $425,600 $322,325)


PTS: NAT: 1 DIF: Easy OBJ: 06-01 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Page 2 of 3 SY2013-2014, 1st Semester Prof. GM

ID: A

9. ANS:

$201,850 ($117,500 + $241,750 $157,400)


PTS: NAT: 1 DIF: Easy OBJ: 06-01 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Page 3 of 3 SY2013-2014, 1st Semester Prof. GM

Name: ________________________

SET B

Cost of goods sold

1. Complete the following data taken from the condensed income statements for merchandising Companies A, B, & C. Company A 315 ? 430 ? 545 Company B ? 865 ? 125 320 Company C 215 560 325 ? ?

Net income Sales Gross Profit Operating Expenses Cost of merchandise sold

2. Based upon the following data, determine the cost of merchandise sold for August. Merchandise Inventory August 1 P 75,560 Merchandise Inventory August 31 96,330 Purchases 373,880 Purchases Returns & Allowances 14,760 Purchases Discounts 10,900 Freight In 4,135 3. During the current year, merchandise is sold for P137,500 cash and P425,600 on account. The cost of the merchandise sold is P322,325. What is the amount of the gross profit? 4. During the current year, merchandise is sold for P117,500 cash and P241,750 on account. The cost of the merchandise sold is P157,400. What is the amount of the gross profit? 5. Calculate the gross profit for Jonas Company based on the data given below: Sales Selling Expenses Cost of Merchandise Sold Sales Discounts Sales Returns and Allowances P835,000 52,500 476,000 7,100 3,650

6. During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost of the merchandise s old is P76,240. What is the amount of the gross profit? 7. Complete the following data taken from the condensed income statements for merchandising Companies X, Y, & Z. Company X Company Y Company Z Net income or (loss) 220 ? (70) Sales ? 1,315 890 Gross Profit 435 ? 465 Operating Expenses ? 565 ? Cost of merchandise sold 330 775 ? 8. Abbey Co. sold merchandise to Gomez Co. on account, P35,000, terms 2/15, net 45. The cost of the merchandise sold is P24,500. Abbey Co. issued a credit memo for P3,600 for merchandise returned that originally cost P1,700. Gomez Co. pai d the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transaction s? 9. Using the following data taken from Hsus Imports Inc., prepare the cost of merchandise sold section of the income state ment for the year ended March 31, 2013. Merchandise inventory, April 1, 2012 P193,250 Merchandise inventory, March 31, 2013 180,100 Purchases 1,079,600 Purchases returns and allowances 51,200 Purchases discounts 18,500 Sales 1,860,000 Freight in 19,250

Page 1 of 1 SY2013-2014, 1st Semester Prof. GM

ID: B

Cost of goods sold Answer Section OTHER 1. ANS:

Net income Sales Gross Profit Operating Expenses Cost of merchandise sold

Company A 315 975 430 115 545

Company B 420 865 545 125 320

Company C 215 560 325 110 235

OR Rearranged in the order of the income statement: Company A Company B Sales 975 865 Less COMS 545 320 Gross Profit 430 545 Less Operating Expenses 115 125 Net income 315 420
PTS: NAT: 2. ANS:

Company C 560 235 325 110 215

1 DIF: Difficult OBJ: 06-01 | 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Cost of merchandise sold: Merchandise Inventory August 1 Purchases Less: Purchases Returns and Allowances Purchases Discounts Net Purchases Add Freight In Cost of merchandise purchased Merchandise available for sale Less merchandise inventory, August 31 Cost of merchandise sold
PTS: NAT: TOP: 3. ANS:

$75,560 $373,880 $14,760 10,900 25,660 $348,220 4,135 352,355 427,915 96,330 $331,585

1 DIF: Moderate OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements Example Exercise 6-2

$240,775 ($137,500 + $425,600 $322,325)


PTS: NAT: 4. ANS: 1 DIF: Easy OBJ: 06-01 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

$201,850 ($117,500 + $241,750 $157,400)


PTS: NAT: 1 DIF: Easy OBJ: 06-01 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Page 1 of 3 SY2013-2014, 1st Semester Prof. GM

ID: B

5. ANS:

Sales $835,000 - Sales Discounts $7,100 - Sales Returns and Allowances $3,650 - Cost of Merchandise Sold $476,000 = Gross Profit $348,250
PTS: NAT: 6. ANS: 1 DIF: Moderate OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Total sales $179,950 less $76,240 = $103,710 gross profit.


PTS: NAT: TOP: 7. ANS: 1 DIF: Easy OBJ: 06-01 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements Example Exercise 6-1

Net income or (loss) Sales Gross Profit Operating Expenses Cost of merchandise sold

Company X 220 765 435 215 330

Company Y (25) 1,315 540 565 775

Company Z (70) 890 465 535 425

OR Rearranged in the order of the income statement: Company X Company Y Sales 765 1,315 Less COMS 330 775 Gross Profit 435 540 Less Operating Expenses 215 565 Net income or (loss) 220 (25)
PTS: NAT: 8. ANS:

Company Z 890 425 465 535 (70)

1 DIF: Difficult OBJ: 06-01 | 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

$7,972 (Net Sales $35,000 - $3,600 - $628) - (Cost of Merchandise Sold $24,500 - $1,700)
PTS: NAT: 1 DIF: Difficult OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Page 2 of 3 SY2013-2014, 1st Semester Prof. GM

ID: B

9. ANS:

Cost of merchandise sold: Merchandise inventory, April 1, 2010 Purchases Less: Purchases returns and allowances Purchases discounts Net purchases Add Freight in Cost of merchandise purchased Merchandise available for sale Less merchandise inventory, March 31, 2011 Cost of merchandise sold
PTS: NAT:

$193,250 $1,079,600 $51,200 18,500

69,700 $1,009,900 19,250 1,029,150 $1,222,400 180,100 $1,042,300

1 DIF: Difficult OBJ: 06-02 AACSB Analytic | AICPA FN-Measurement | ACBSP-APC-09-Financial Statements

Page 3 of 3 SY2013-2014, 1st Semester Prof. GM

S-ar putea să vă placă și