During the year, Rex Store purchased goods worth P150,000. There were P40,000 unsold goods at the end of the year but old stock brought forward from last year's purchases was P10,000. Cost of sales was

During the year, Rex Store purchased goods worth P150,000. There were P40,000 unsold goods at the end of the year but old stock brought forward from last year's purchases was P10,000. Cost of sales was

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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