University of Caloocan City

College of Business & Accountancy

Quiz # 3-ACC 211

Name: Score:
Course/Year & Section: Date:

A. Identify each of the following according to its account classification.

1. Purchases
2. Inventory, Beginning
3. Garciano, Capital
4. Inventory, Ending
5. Sales
6. Sales Return
7. Sales Return and Allowances
8. Cash
9. Inventories
10. Accounts Receivable
11. Prepaid Expenses
12. Property, Plant, and Equipment(PPE)
13. Accrued Liabilities
14. Unearned Revenues
15. Intangible Assets
16. Notes Payable
17. Current Portion of Long-term Debt
18. Withdrawals
19. Interest Expense
20. Interest Income
21. Notes Receivable
22. Cash Equivalents
23. Bonds Payable
24. Purchases Return
25. Purchases Discount
26. Purchases Allowances
27. Freight-Out
28. Freight-In
29. General and Administrative Expenses
30. Selling Expenses

B. Benjo’s Battery Store sells two brands of battery: Silver and Gold. Purchases for the
month of June consisted of 30 silver brand units at P1,500 each and 20 gold units at
P1,800 each. At the end of the month an inventory count showed that 12 silver brand
units and 5 gold brand units were still on hand.

Required:
a. Compute for each brand: purchases, merchandise inventory at the end of June and
cost of sales.
b. Assume a silver brand sells for P2,400 and a gold brand sells for P2,750.
Compute for each brand: sales revenue and gross income on sales.

C. Still using the following information. Assume that in the following month another 25
silver brand units and 20 gold brand units were purchased from the suppliers at the same
prices. And at the end of the month only 18 silver brand units and 10 gold units were on
hand.

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 Required:
a. Compute for each brand: cost of purchases, total goods available for sale,
merchandise inventory end of July and the cost of sales.
b. Assuming the same sales prices, compute for each brand: sales revenue and the
gross income on sales.

D. During the year Victoria Home and Garden purchased potteries, plants, dried flowers,
candles and other home and garden decors at a total cost of P300,000. For each of the
following cases, calculate the Total Goods Available for Sale and the Cost of Sales:

Case Case 1 Case 2 Case 3 Case 4 Case 5

Beginning Inventory P0 P120,000 P50,000 P10,000 P0
Freight-In 25,000 0 40,000 15,000 25,000
Returns and Allowances 5,000 55,000 0 21,000 11,000
Discounts 0 15,000 0 0 18,550
Ending Inventory 0 0 75,000 75,500 85,000

E. In each of the following cases, supply the missing item/s:

Cost of Operating Net Profit

Case Sales Sales Gross Profit Expenses (Net Loss)
A P 440,000 P ? P215,000 P ? P 75,000
B ? 185,000 75,000 105,000 ?
C 870,000 640,000 ? ? (90,000)
D 1,250,000 ? ? 275,000 150,000
E 1,300,500 ? 579,250 ? (95,750)

“If you must choose between two evils, pick the one you've never tried before.”

…GODluck…

…End of EXAM…

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Answer key-quiz 3-acc 211
A. Identification
1 expense 11 asset 21 asset
2 expense 12 asset 22 asset
3 equity 13 liabilities 23 liabilities
4 contra-expense 14 liabilities 24 contra-expense
5 income 15 asset 25 contra-expense
6 contra-income 16 liabilities 26 contra-expense
7 contra-income 17 liabilities 27 expense
8 asset 18 contra-equity 28 expense
9 asset 19 expense 29 expense
10 asset 20 income 30 expense

B-a.
Silver Gold Total
Purchases 45,000 (1,500x30) 36,000 (1,800x20) 81,000
Less: Ending Inventory 18,000 (1,500x5) 9,000 (1,800x5) 27,000
Cost of Sales 27,000 (1,500x18) 27,000 (1,800x15) 54,000

B-b.
Sales 43,200 (2,400x18) 41,250 (2,750x15) 84,450
Less: Cost of Sales 27,000 27,000 54,000
Gross Income 16,200 14,250 30,450

C-a.
Beginning Inventory 18,000 (1,500x12) 9,000 (1,800x5) 27,000
Add: Purchases 37,500 (1,500x25) 36,000 (1,800x20) 73,500
TGAS 55,500 (1,500x37) 45,000 (1,800x25) 100,500
Less: Ending Inventory 27,000 (1,500x18) 18,000 (1,800x10) 45,000
Cost of Sales 28,500 (1,500x19) 27,000 (1,800x15) 55,500

C-b.
Sales 45,600 (2,400x19) 41,250 (2,750x15) 86,850
Less: Cost of Sales 28,500 27,000 55,500
Gross Income 17,100 14,250 31,350

D.
Case 1
Beginning Inventory -
Add: Net Cost of Purchases-
Purchases 300,000.00
Less: Purchases R & A 5,000.00
Purchases discounts - 5,000.00
Net Purchases 295,000.00
Add: Freight-In 25,000.00 320,000.00
Total Goods Available for Sale 320,000.00
Less: Ending Inventory -
Cost of Sales 320,000.00

Case 2
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 Beginning Inventory 120,000.00
Add: Net Cost of Purchases-
Purchases 300,000.00
Less: Purchases R & A 55,000.00
Purchases discounts 15,000.00 70,000.00
Net Purchases 230,000.00
Add: Freight-In - 230,000.00
Total Goods Available for Sale 350,000.00
Less: Ending Inventory -
Cost of Sales 350,000.00

Case 3
Beginning Inventory 50,000.00
Add: Net Cost of Purchases-
Purchases 300,000.00
Less: Purchases R & A -
Purchases discounts - -
Net Purchases 300,000.00
Add: Freight-In 40,000.00 340,000.00
Total Goods Available for Sale 390,000.00
Less: Ending Inventory 75,000.00
Cost of Sales 315,000.00

Case 4
Beginning Inventory 10,000.00
Add: Net Cost of Purchases-
Purchases 300,000.00
Less: Purchases R & A 21,000.00
Purchases discounts - 21,000.00
Net Purchases 279,000.00
Add: Freight-In 15,000.00 294,000.00
Total Goods Available for Sale 304,000.00
Less: Ending Inventory 75,500.00
Cost of Sales 228,500.00

Case 5
Beginning Inventory -
Add: Net Cost of Purchases-
Purchases 300,000.00
Less: Purchases R & A 11,000.00
Purchases discounts 18,550.00 29,550.00
Net Purchases 270,450.00
Add: Freight-In 25,000.00 295,450.00
Total Goods Available for Sale 295,450.00
Less: Ending Inventory 85,000.00
Cost of Sales 210,450.00

E.
Case A Case B Case C Case D Case E
Sales 440000 260000 870000 1250000 1300500
Less: COS 225000 185000 640000 825000 721250
GI/GP 215000 75000 230000 425000 579250
Less: OE 140000 105000 320000 275000 675000
NP(NL) 75000 -30000 -90000 150000 -95750

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