Question 21 2 pts Below are selected account balances of Mount Co. on December 31, 2021: Retained Earnings, January 1 3.000.000.00 Dividends 1,000,000.00 Sales 8,350,000.00 Dividend come 100,000.00 Inventory, January 1 1.040,000.00 Purchases 3,720,000.00 1.540,000.00 Salaries 280,000.00 Contribution to employee's pension fund Delivery 205,000.00 125,000.00 Miscellaneous expense Doubtful Accounts Expense 10,000.00 Depreciation expense 85,000.00 Loss on sale of securities 40,000.00 150,000.00 Loss on inventory write down Income tax 735,000.00 Inventory on December 31 was valued at P700,000 (P850,000 less P150,000 write down of obsolete inventory) What was the cost of goods sold