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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
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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