Selected data from the year-end financial statements of World Cup Corp. are presented below. The difference between average and ending inventories is immaterial Current ratio 2.0 Quick ratio 1.5 Current liabilities P600,000 Inventory turnover (based on cost of sales) 8 times Gross profit margin 40% World Cup’s net sales for the year were: a. P2.4 million b. P4.0 million c. P1.2 million d. P6.0 million

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