December 31 January 1 Accounts Receivable P 51.000 P 45.000 Accounts Payable 60.000 33.000 Accrued Wages 7.000 Collections from customers 794.000 Total cash payments 715.000 Selling expenses of P144,000 are 45% of gross profit. Administrative expenses are 15% of sales. This amount includes depreciation which is 20% of administrative expenses. There are no unpaid selling and administrative expenses as of December 31. Inventory per physical count at year-end totaled P125,000. Total sales for the period is a. P7 05,000 C. P7 88,000 b. P7 25.000 d. P800,000 Use the same information given in No. 17. Total purchases for the period is P495.000 P499.200 b. P496,440 d. P504,600 Use the same information given in No. 17. The cost of goods sold for the period is P480,000 C. P4 45.000 b. P468.000 d. P400,000