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Gross purchases of Coleen Company amounts to P298,400. Purchase discounts amount to P3,560 and purchase returns and allowances amounts to P6,000. Freight-in is P4,000. If beginning inventory is P60,000 and increased by P45,000 at the end of the year, how much is the cost of goods sold?

Gross purchases of Coleen Company amounts to P298,400. Purchase discounts amount to P3,560 and purchase returns and allowances amounts to P6,000. Freight-in is P4,000. If beginning inventory is P60,000 and increased by P45,000 at the end of the year, how much is the cost of goods sold?

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...
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Gross purchases of Coleen Company amounts to P298,400. Purchase discounts amount to P3,560 and purchase returns and allowances amounts to P6,000. Freight-in is P4,000. If beginning inventory is P60,000 and increased by P45,000 at the end of the year, how much is the cost of goods sold?
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