The following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory, Dec 31 P11,000 Gross Sales, 446,250 Sales returns, P10,000 Gross profit is 25% of cost How much was the cost of sales during the year? 109,063 111,563 349,000 357,000

The following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory, Dec 31 P11,000 Gross Sales, 446,250 Sales returns, P10,000 Gross profit is 25% of cost How much was the cost of sales during the year? 109,063 111,563 349,000 357,000

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

7.The following data were available for ABC Corp at Dec 31, 20X2:
Net purchases P345,000
Inventory, Dec 31 P11,000
Gross Sales, 446,250
Sales returns, P10,000
Gross profit is 25% of cost

How much was the cost of sales during the year?

109,063

111,563

349,000

357,000

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