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

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

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Question

100%

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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