BILLS Inc. had the following transactions for the month of August: Aug. 1 Inventory at the beginning of the month consisted of 1,000 units @ P20 each. Purchased 9,000 units from AA Supplier for P180,000 on account. 10 Sold 8,000 units @ P35 each on account. 13 Returned 1,000 defective units to AA Supplier. 14 Paid AA supplier in full. 18 The customer returned 3,000 units from August 10 sale. The goods were in good condition. 20 Collected accounts receivable amounting to P140,000. 30 Conducted physical count of inventory. Units on hand consisted of 3,500 units. Q1. Using the periodic inventory system, what is the amount of Cost of goods sold on August 31? а. P150,000 b. P110,000 с. P100,000 d. P130,000 3.

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