Lady Gaga Company provided the following data for the current year: Inventory, January 1 - P2,000,000 Purchases - P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the cost of goods sold? A) P7,200,000 B P6,200,000 P9,000,000 P6,700,000

Lady Gaga Company provided the following data for the current year: Inventory, January 1 - P2,000,000 Purchases - P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the cost of goods sold? A) P7,200,000 B P6,200,000 P9,000,000 P6,700,000

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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