Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following: DEBITCREDITSales P2,500,000Cost of SalesP1,600,000 Administrative Expenses150,000 Loss on Sale of Equipment90,000 Salesmen's Commission100,000 Interest Revenue 50,000Freight-out30,000 Loss on Condemnation of Asset100,000 Bad Debts Expense30,000 P2,100,000P2,550,000 Other Information:Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000 What was Paris Company's cost of goods manufactured for 2021?

Cost of goods manufactured = Cost of goods sold + ending finished goods inventory - beginning…

Answered: Paris Company's trial balance of profit…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 included the following:

	DEBIT	CREDIT
Sales		P2,500,000
Cost of Sales	P1,600,000
Administrative Expenses	150,000
Loss on Sale of Equipment	90,000
Salesmen's Commission	100,000
Interest Revenue		50,000
Freight-out	30,000
Loss on Condemnation of Asset	100,000
Bad Debts Expense	30,000
	P2,100,000	P2,550,000

Other Information:

Finished goods inventory, Jan, 1 - P1,000,000; Finished Goods Inventory, Dec. 31 - P900,000

What was Paris Company's cost of goods manufactured for 2021?

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