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Answers: 1. Purchases, 2. Beginning inventory, Ending inventory, ; Cost of goods sold,

Answers: 1. Purchases, 2. Beginning inventory, Ending inventory, ; Cost of goods sold,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PROBLEM 2 (Cost of Goods Sold). For each of the following, determine the missing amounts. Beginning Goods Available Cost of Goods Ending Inventory Purchases for Sale Sold Inventory 1. P20,000 P40,000 P25,000 2. P220,000 P250,000 P40,000 Answers: 1. Purchases, ; Ending inventory, 2. Beginning inventory, ; Cost of goods sold,
Transcribed Image Text:PROBLEM 2 (Cost of Goods Sold). For each of the following, determine the missing amounts. Beginning Goods Available Cost of Goods Ending Inventory Purchases for Sale Sold Inventory 1. P20,000 P40,000 P25,000 2. P220,000 P250,000 P40,000 Answers: 1. Purchases, ; Ending inventory, 2. Beginning inventory, ; Cost of goods sold,
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