Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On December 31, 2020, an entity reported inventory at P3,000,000 cost and P2,900,000 net realizable value. On December 31, 2021, the inventory was P4,000,000 at

On December 31, 2020, an entity reported inventory at P3,000,000 cost and P2,900,000 net realizable value. On

December 31, 2021, the inventory was P4,000,000 at cost and P3,700,000 at net realizable value. The entity

made net purchases of P9,000,000 during 2021.

What amount should be reported as cost of goods sold for 2021?

a. 8,000,000

b. 8,200,000

c. 8,450,000

d. 8,300,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Food supply

Answered: 1 week ago

Question

Mortality rate

Answered: 1 week ago