The Company reported post-tax profit of P491,400 for the year ended December 31, 2020.Cost of goods sold amounted to P2,108,000 which is P270,000 greater than the net purchases during the year.Operating expenses amounted three times the peso amount of income tax expense.Beginning inventory is three times the amount of ending inventory.Income tax rate is 30%. How much were the total operating expenses during the year 2020?
The Company reported post-tax profit of P491,400 for the year ended December 31, 2020.Cost of goods sold amounted to P2,108,000 which is P270,000 greater than the net purchases during the year.Operating expenses amounted three times the peso amount of income tax expense.Beginning inventory is three times the amount of ending inventory.Income tax rate is 30%. How much were the total operating expenses during the year 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The Company reported post-tax profit of P491,400 for the year ended December 31, 2020.Cost of goods sold amounted to P2,108,000 which is P270,000 greater than the net purchases during the year.Operating expenses amounted three times the peso amount of income tax expense.Beginning inventory is three times the amount of ending inventory.Income tax rate is 30%. How much were the total operating expenses during the year 2020?
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