nko Inc. reported the following balances at the end of each year:                                      2020                           2019 Inventory               P2,600,000                 P2,900,000 Accounts Payable      750,000                      500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should  be the amount to be reported for cost of goods sold in 2020?

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