8. On December 31, 2020, ABC Company reported cost of goods sold of P750,000 and ending inventory of P150,000. The following errors related to inventory were identified by the company at the end of the year: • January 1, 2020 inventory is understated by P17,000. • December 31, 2020 inventory is understated by P31,000. • Purchases of P30,000 made in December 2020 were not recorded, although the goods were received and properly included in the December 31 physical inventory. What is the correct cost of goods sold to be reported in 2020?

8. On December 31, 2020, ABC Company reported cost of goods sold of P750,000 and ending inventory of P150,000. The following errors related to inventory were identified by the company at the end of the year: • January 1, 2020 inventory is understated by P17,000. • December 31, 2020 inventory is understated by P31,000. • Purchases of P30,000 made in December 2020 were not recorded, although the goods were received and properly included in the December 31 physical inventory. What is the correct cost of goods sold to be reported in 2020?

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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