Reference no: EM132940575
Tin Corp., which maintains records under cash-basis, revealed total ayments made tosuppliers amounting to P700,000. Additional information follow:
Trade payable, January 1, 2019 P 92,000
Trade payable, December 31, 2019 105,000
Advances to Suppliers, January 1, 2019 57,000
Advances to Suppliers, December 31, 2019 19,000
Merchandise inventories, January 1, 2019 186,000
Merchandise inventories, December 31, 2019 125,000
Purchase discounts 39,000
Purchase returns before any payments were made, thus creditmemos were received from suppliers 54,000
Purchase returns after payments were made, thus cash was received from suppliers as refunds16,000
Problem 1: Compute for the Cost of Goods Sold.
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