Himantayon Company provided the following information for the current year: Beginning inventory P400,000, Freight in P300,000, Purchases returns P900,000, Ending Inventory P500,000, Selling expenses P1,250,000, Sales discount P250,000. The cost of goods sold is six times the selling expenses. What is the amount of gross purchases?
Himantayon Company provided the following information for the current year: Beginning inventory P400,000, Freight in P300,000, Purchases returns P900,000, Ending Inventory P500,000, Selling expenses P1,250,000, Sales discount P250,000. The cost of goods sold is six times the selling expenses. What is the amount of gross purchases?
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...
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Himantayon Company provided the following information for the current year: Beginning inventory P400,000, Freight in P300,000, Purchases returns P900,000, Ending Inventory P500,000, Selling expenses P1,250,000, Sales discount P250,000. The cost of goods sold is six times the selling expenses. What is the amount of gross purchases?
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