n, in roper soid, and gross profit for the year ended December 31, 2020 using the data. Write your answer in the box provided. ABC Company data: Merchandise inventory, beginning PHP 20,000
n, in roper soid, and gross profit for the year ended December 31, 2020 using the data. Write your answer in the box provided. ABC Company data: Merchandise inventory, beginning PHP 20,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
![Directions: Show the computation, in proper format, of net sales, cost of goods
soid, and gross profit for the year ended December 31, 2020 using lthe given
data. Write your answer in the box provided.
II.
ABC Company data:
Merchandise inventory, beginning
PHP 20,000
Merchandise inventory, ending
23,000
Purchases
215,000
Purchases discounts
6,000
Purchases returns and allowances
3,000
400,000
Sales
3,200
Sales discounts
1,800
Sales returns and allowances
10,000
Freight-in](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F38ed4d83-c7a8-497c-9923-f11529a374d8%2F41ad97a4-08ae-411e-b9ba-aec40e40f663%2Fz2h8ss_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Directions: Show the computation, in proper format, of net sales, cost of goods
soid, and gross profit for the year ended December 31, 2020 using lthe given
data. Write your answer in the box provided.
II.
ABC Company data:
Merchandise inventory, beginning
PHP 20,000
Merchandise inventory, ending
23,000
Purchases
215,000
Purchases discounts
6,000
Purchases returns and allowances
3,000
400,000
Sales
3,200
Sales discounts
1,800
Sales returns and allowances
10,000
Freight-in
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