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FABM - SCI Quiz 4
FABM - SCI Quiz 4
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1. The following information was taken 1. The following information was taken
from Leilanie Natividad Company’s FORMULA: from Leilanie Natividad Company’s Cost of Goods Sold = BI + NP - EI
accounting records for the current accounting records for the current
year: Cost of Goods Sold = BI + NP - EI year:
Beginning Inv. 400,000
Beginning Inventory 400,000 Beginning Inventory 400,000 Gross Purchase ?
Freight In 300,000 Freight In 300,000 Freight In 300,000
Purchase Returns 900,000 CGS = 6 times of Selling Expense Purchase Returns 900,000 Purchase Return (900,000)
Ending Inventory 500,000 Ending Inventory 500,000
Selling Expense 1,250,000 Selling Expense 1,250,000 Goods Available for Sale 8,000,000
Sales Discount 250,000 CGS = 6 * 1,250,000 Sales Discount 250,000 Ending Inv. (500,000)
The cost of goods sold is six times the The cost of goods sold is six times the Cost of Goods Sold 7,500,000
selling expenses. What is the amount of CGS = 7,500,000 selling expenses. What is the amount of
gross purchase? gross purchase?
Gross Purchase = 8,200,000
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What is the amount of gross sales for What is the amount of gross sales for Cost of Goods Sold 6,200,000
the current year? CGS = 80%
the current year?
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What is the amount of gross sales for What is the amount of gross sales for
the current year? 6,200,000 / .80 = 7,750,000 the current year?
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3. Walangganun Marsh Company had the 4. Renato Budolero reported the FORMULA:
following accounts affected during the FORMULA: following accounts and information a) GP = 20% of NS
current year: B.I. + NP – EI = CGS for the year ended December 31, 2020,
as follows:
Gross Sales 1,400,000
SRA (200,000)
Inc. in TAR 400,000 Disb of PURCH 5,800,000 Gross Sales 1,400,000
Disb. for purchases 5,800,000 SRA 200,000 SD (400,000)
INC in TAP 500,000
Inc in TAP 500,000 OCI 50,000
Net Sales 800,000
Dec. in M.I. 200,000 Total Purch 6,300,000 SD 400,000
Decrease in M.I. 200,000 Gross Purchase 1,400,000
PD 400,000 Gross profit rate:
What is the amount of Cost of Goods CGS 6,500,000 Ending Inventory 200,000
Sold? Gross profit 20% on net sales NS 100% 800,00
Other Income thrice the E.I. CGS 80%
Total expenses 80% of Gross Purc GP 20% ?
Decrease in MI.
200,000 + 6,300,000 - 0 = 6,500,000 a. How much is the gross profit? GP = 800,000 X 20% = 160,000
Beg Inv 200,000
End INV 0 b. How much is the net income?
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4. Renato Budolero reported the FORMULA: 5. Mahirap Sagutan Company report the FORMULA:
following accounts and information B) GP+ OI – Exp = N.I. following accounts for the current A) B.I. + NP – EI = CGS
for the year ended December 31, 2020, year:
as follows: Gross Profit 160,000 Gross purchase 3,000,000
Other Income 600,000 SRA 200,000
Freight In 350,000
Gross Sales 1,400,000 (200,000 * 3) OCI 50,000
SRA 200,000 Freight Out 150,000 PD (200,000)
Total Expense (1,120,000) PRA (800,000)
OCI 50,000 Freight In 350,000
(1,400,000 * 80%)
SD 400,000 PRA 800,000
Gross Purchase 1,400,000 Inc in Inventory 400,000 Net Purchases 2,350,000
(Net Loss) (360,000) Inc in Inventory (400,000)
PD 400,000 SD 500,000
Ending Inventory 200,000 PD 200,000
Gross profit 20% on net sales Gross Purchase 3,000,000 CGS 1,950,000
Other Income thrice the E.I. Gross Sales 5,000,000
Total expenses 80% of Gross Purc
a. What is the amount of CGS?
a. How much is the gross profit? b. What is the amount of Net Income?
b. How much is the net income? c. What is the amount of TCI?
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5. Mahirap Sagutan Company report the FORMULA: 5. Mahirap Sagutan Company report the FORMULA:
following accounts for the current B) GP+ OI – Exp = N.I. following accounts for the current C) N.I. + OCI = TCI
year: year:
Gross Sales 5,000,000 Net Income 2,200,000
SRA 200,000 Sales Discount (500,000) SRA 200,000
Other Comp Income 50,000
OCI 50,000 SRA (200,000) OCI 50,000
Freight Out 150,000 Freight Out 150,000
Total Comp Income 2,250,000
Freight In 350,000 Freight In 350,000
Net Sales 4,300,000
PRA 800,000 PRA 800,000
Inc in Inventory 400,000 Cost of Goods Sold (1,950,000)
Inc in Inventory 400,000
SD 500,000 SD 500,000
Gross Profit 2,350,000
PD 200,000 PD 200,000
Gross Purchase 3,000,000 Freight out (150,000)
Gross Purchase 3,000,000
Gross Sales 5,000,000 Gross Sales 5,000,000
Net Income 2,200,000
a. What is the amount of CGS? a. What is the amount of CGS?
b. What is the amount of Net Income? b. What is the amount of Net Income?
c. What is the amount of TCI? c. What is the amount of TCI?
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