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Based on the following information, determine the amount of gross purchases: Merchandise inventory, beginning, P85,300; Cost of merchandise available for sale. P550,000; Merchandise inventory, end, P60,400; Cost of merchandise sold, P489,600; Purchase returns and allowances, P3,000* Your answer O sold merchandise at list price of P150,000, 10%; 1/10; n/30. If the account is collected 8 days from the invoice date, O will receive: * Your answer The term of a P300,000 purchase is 2/30; n160,"FOB shipping point, freight prepaid, P300. If the account is paid on the 20th day from the invoice date, the total payment would be: Your