The following data were obtained from the records of ABC Co:

Current ratio (at year end) 1.5 to 1

Inventory turnover based on sales and ending inventory 15 times

Inventory turnover based on cost of goods sold and ending inventory 10.5 times

Gross margin for 2007 P360,000

What was ABC Companys December 31, 2007 balance in the Inventory account? and COGS?

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