Sales 750,000 Sales Returns and Allowances 15.000 Sales Discounts 10.000 Purchases 170.000 Purchases Returns and 20,000 Allowances Transportation In 30.000 selling Expenses 75.000 General and Administrative 275.000 Expenses In addition, the beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,.000. 31. Cost of goods sold for the period was O P235000 O P160.000 P200.000 O P170.000

Sales 750,000 Sales Returns and Allowances 15.000 Sales Discounts 10.000 Purchases 170.000 Purchases Returns and 20,000 Allowances Transportation In 30.000 selling Expenses 75.000 General and Administrative 275.000 Expenses In addition, the beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,.000. 31. Cost of goods sold for the period was O P235000 O P160.000 P200.000 O P170.000

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...

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