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Entity A publishes quarterly interim financial reports. Entity As annual depreciation for items of PPE is P120,000. At the end of the first quarter, Entity
Entity A publishes quarterly interim financial reports. Entity As annual depreciation for items of PPE is P120,000. At the end of the first quarter, Entity As inventories have a cost of P600,000 and a net realizable value of P510,000. Entity A expects that the total employee bonuses (13th month pay) that will be paid at year-end will amount to P60,000. How much is the total amount of expense to be recognized from the items described above in Entity As first quarter statement of profit or loss?
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