What is the amount of the cost of goods sold in 2019? The following balances were reported by ABC Co. at December31, 2019 and 2020:12/31/20P2,600,00012/31/19P2,900,000500,000InventoryAccount payable750,000ABC Co. paid suppliers P4, 900,000 during 2019. How much isthe cost of goods sold in 2019?

Cost of goods sold:- Cost of goods sold is defined as the cost which includes all direct costs that…

The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000 12/31/19 P2,900,000 Inventory Account payable 750,000 500,000 ABC Co. paid suppliers P4, 900,000 during 2019. How much is the cost of goods sold in 2019?

The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000 12/31/19 P2,900,000 Inventory Account payable 750,000 500,000 ABC Co. paid suppliers P4, 900,000 during 2019. How much is the cost of goods sold in 2019?

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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Question

What is the amount of the cost of goods sold in 2019?

The following balances were reported by ABC Co. at December
31, 2019 and 2020:
12/31/20
P2,600,000
12/31/19
P2,900,000
500,000
Inventory
Account payable
750,000
ABC Co. paid suppliers P4, 900,000 during 2019. How much is
the cost of goods sold in 2019?

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Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.