In 2020, RM Co. started operations with an inventory costing P200,000. For the 15 quarter of 20, the purchase and sales were as follows: February P380,000 510,000 e goods are sold at a gross profit of 20% of sales. For interim statement purposes, the January P50,000 240,000 March P704,00 P1,134,000 755,000 Total Purchases Sales 1,505,000 entory at the end of January, February and March, respectively are

In 2020, RM Co. started operations with an inventory costing P200,000. For the 15 quarter of 20, the purchase and sales were as follows: February P380,000 510,000 e goods are sold at a gross profit of 20% of sales. For interim statement purposes, the January P50,000 240,000 March P704,00 P1,134,000 755,000 Total Purchases Sales 1,505,000 entory at the end of January, February and March, respectively are

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Q: please help me with this question

Question

In 2020, RM Co. started operations with an inventory costing P200,000. For the 1st
2020, the purchase and sales were as follows:
quarter of
February
P380,000
510,000
The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the
January
P50,000
240,000
March
P704,00 P1,134,000
755,000
Total
Purchases
Sales
1,505,000
inventory at the end of January, February and March, respectively are

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