nko Inc. reported the following balances at the end of each year: 2020 2019 Inventory P2,600,000 P2,900,000 Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?

nko Inc. reported the following balances at the end of each year: 2020 2019 Inventory P2,600,000 P2,900,000 Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold 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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Question

Inko Inc. reported the following balances at the end of each year:
2020 2019
Inventory P2,600,000 P2,900,000
Accounts Payable 750,000 500,000
The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should
be the amount to be reported for cost of goods sold in 2020?

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