Luis began the period with P200,000 in inventory. The entity purchased an additional P200,000 of inventory and returned P20,000 for a full credit. A physical count of the inventory at year-end revealed an inventory on hand of P160,000. What was Luis’ costs of goods sold for the period?

Luis began the period with P200,000 in inventory. The entity purchased an additional P200,000 of inventory and returned P20,000 for a full credit. A physical count of the inventory at year-end revealed an inventory on hand of P160,000. What was Luis’ costs of goods sold for the period?

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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