nko Inc. reported the following balances at the end of each year: 2020 2019 Inventory P2,600,000 P2,900,000 Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?

nko Inc. reported the following balances at the end of each year: 2020 2019 Inventory P2,600,000 P2,900,000 Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

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Question

Inko Inc. reported the following balances at the end of each year:
2020 2019
Inventory P2,600,000 P2,900,000
Accounts Payable 750,000 500,000
The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should
be the amount to be reported for cost of goods sold in 2020?

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