For the current year, Purchases were P324,000; Purchase Returns and Allowances were $3,500; Freight In was P25,000; and Freight Out was P25,000. The beginning merchandise inventory was P171,000 and the ending inventory was $81,000. Distribution costs were P10,000 and Administrative Expenses amounted to $24,000. How much is the Cost of Goods Sold?

For the current year, Purchases were P324,000; Purchase Returns and Allowances were $3,500; Freight In was P25,000; and Freight Out was P25,000. The beginning merchandise inventory was P171,000 and the ending inventory was $81,000. Distribution costs were P10,000 and Administrative Expenses amounted to $24,000. How much is the Cost of Goods Sold?

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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