53. An Entity started operating in 2021 with sales, purchases and closing inventory of P500,000, P200,000 and P10,000 respectively. What is the amount of cost of goods sold for the year ended 2021? * O A. P190,000 B. P200,000 O C. P790,000 O D. P800,000

53. An Entity started operating in 2021 with sales, purchases and closing inventory of P500,000, P200,000 and P10,000 respectively. What is the amount of cost of goods sold for the year ended 2021? * O A. P190,000 B. P200,000 O C. P790,000 O D. P800,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter3: Business Income And Expenses

Section: Chapter Questions

Problem 5MCQ

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53. An Entity started operating in 2021
with sales, purchases and closing
inventory of P500,000, P200,000
and P10,000 respectively. What is the
amount of cost of goods sold for the
year ended 2021? *
O A. P190,000
B. P200,000
O C. P790,000
O D. P800,000

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