The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 Inventory Account payable 12/31/19 P2,600,000 P2,900,000 750,000 500,000 ABC Co. paid suppliers P4, 900,000 during 2019. How much is the cost of goods sold n 20192

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A.P4,350,000
B.P4,850,000
C.P4,950,000
D.P5,450,000
E.Answer not given

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