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Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following:   DEBIT CREDIT Sales   P2,500,000 Cost of Sales P1,600,000   Administrative Expenses 150,000   Loss on Sale of Equipment 90,000   Salesmen's Commission 100,000   Interest Revenue   50,000 Freight-out 30,000   Loss on Condemnation of Asset 100,000   Bad Debts Expense 30,000     P2,100,000 P2,550,000   Other Information: Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000   What was Paris Company's cost of goods manufactured for 2021?

Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following:   DEBIT CREDIT Sales   P2,500,000 Cost of Sales P1,600,000   Administrative Expenses 150,000   Loss on Sale of Equipment 90,000   Salesmen's Commission 100,000   Interest Revenue   50,000 Freight-out 30,000   Loss on Condemnation of Asset 100,000   Bad Debts Expense 30,000     P2,100,000 P2,550,000   Other Information: Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000   What was Paris Company's cost of goods manufactured for 2021?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following:

 

DEBIT

CREDIT

Sales

 

P2,500,000

Cost of Sales

P1,600,000

 

Administrative Expenses

150,000

 

Loss on Sale of Equipment

90,000

 

Salesmen's Commission

100,000

 

Interest Revenue

 

50,000

Freight-out

30,000

 

Loss on Condemnation of Asset

100,000

 

Bad Debts Expense

30,000

 

 

P2,100,000

P2,550,000

 

Other Information:

Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000

 

What was Paris Company's cost of goods manufactured for 2021?

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