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?

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?

Name: For the next two (2) questions:DEF Co. has provided the following dat
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Description: For the next two (2) questions:DEF Co. has provided the following data:InventoryDecember 31, 2021P1,500,000950,000December 31, 2022P1,400,000980,000Accounts payableFor 2022, cost of goods purchased was P8,300,000 while cash purchases of inventory am

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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What is the correct amount of inventory on December 31, 2024?
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The following data were taken from the financial records of Sunland Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,480,000 Inventory turnover 1,000,000 4,363,000 1,020,000 Your answer is incorrect. 2021 2022 $6,250,000 850,000 4,590,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 1,000,000 times 2021 times
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