Gross Sales Php5,500,000 Sales Returns and Allowances 150,000 Sales Discount 20,000 Dividend received from DEF Corporation 120,000 Interest Income on deposit with BDO 150,000 Beginning Inventory 2,000,000 Purchases 1,900,000 Purchase Returns and Allowances 25,000 Purchase Discount 10,000 Ending Inventory 1,900,000 Representation Expense 33,500 Salaries Expenses 850,000 Selling Expenses 50,000 Taxes and License 15,000 Utilities Expense 60,000 Bad Debts Expense 35,000 Donation to GMA Kapuso Foundation 150,000 Interest Expense 85,000 NOLCO 100,000