WTR Company reported a net loss of P30,000. Its net sales was P300,000 and gross profit was 30% of net sales. The operating expenses amounted to A. P160,000 B. P120,000 C. P60,000 D. P40,000 Assume that JTY Co. uses periodic inventory system and has the following balances: 750,000 400,000 11,000 2% of purchases 16,000 Freight in Sales of P1,200,000 is 20% above cost, how much is the gross profit? A. P1,000,000 B. P960,000 C. P250,000 D. P200,000 Inventory, Jan. 1 Purchases Purchases returns and allowances Purchase discounts LJY Company keeps its inventory records using a perpetual system. At December 31, 2019, the unadjusted balance in the inventory account is P64,000. Through a physical count on December 31, 2019, the company determines that its actual inventory at year-end is P62,500. Which of the following is true regarding the statement of financial position and the income statement at December 31, 2019? A. Inventory is increased and cost of goods sold is decreased by P1,500 B. Inventory is decreased and cost of goods sold is increased by P1,500 C. Inventory is increased and cost of goods sold is increased by P1,500 D. Inventory is decreased and cost of goods sold is decreased by P1,500