DEF Co. has provided the following data: December 31, 2022 December 31, 2021 P1,500,000 Inventory P1,400,000 980,000 Accounts payable 950,000 For 2022, cost of goods purchased was P8,300,000 while cash purchases of inventory amounted to P1,300,000. 3. How much is the cost of goods sold in 2022? 4. What is the total amount of cash paid to suppliers in 2022?

DEF Co. has provided the following data: December 31, 2022 December 31, 2021 P1,500,000 Inventory P1,400,000 980,000 Accounts payable 950,000 For 2022, cost of goods purchased was P8,300,000 while cash purchases of inventory amounted to P1,300,000. 3. How much is the cost of goods sold in 2022? 4. What is the total amount of cash paid to suppliers in 2022?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the next two (2) questions: DEF Co. has provided the following data: Inventory December 31, 2021 P1,500,000 950,000 December 31, 2022 P1,400,000 980,000 Accounts payable For 2022, cost of goods purchased was P8,300,000 while cash purchases of inventory amounted to P1,300,000. 3. How much is the cost of goods sold in 2022? 4. What is the total amount of cash paid to suppliers in 2022?
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