Entity A has a beginning inventory of P340,000. During the period Entity A purchased inventories costing P990,000. Freight paid on the purchase totaled P40,000. The ending inventory was P360,000. If the net sales were P1,200,000, how much is the gross profit? 260,000 1,200,000 190,000
Entity A has a beginning inventory of P340,000. During the period Entity A purchased inventories costing P990,000. Freight paid on the purchase totaled P40,000. The ending inventory was P360,000. If the net sales were P1,200,000, how much is the gross profit? 260,000 1,200,000 190,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Entity A has a beginning inventory of P340,000. During the period Entity A purchased inventories costing P990,000. Freight
paid on the purchase totaled P40,000. The ending inventory was P360,000. If the net sales were P1,200,000, how much is the
gross profit?
260,000
1,200,000
190,000
1,010,000
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