You are given the following information relating to Suns Trading: Gross profit rate based on sales                                         25% Accounts Receivable, December 31, 2022                 P120,000 Collections on accounts receivable during 2023           545,000 Cost of goods available for sale during 2023                690,000 Merchandise Inventory, December 31, 2023                 150,000 Of the total sales during the year, eighty percent (80%) were made on account.

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A:

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