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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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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