The records of Medical Top Team Co. showed the following information:

•Increase in accounts receivable- P100,000

•Collections on accounts- P800,000

•Cash sales- P120,000

•Increase in inventory- P40,000

•Freight-in- P14,000

•Freight-out- P13,000

•Decrease in accounts payable- P60,000

•Disbursements for purchases- P480,000

•Purchase discounts- P4,000



How much is the gross profit for the year?

Answer rating: 100% (QA)

To calculate the gross profit for the year we need to subtract the cost of goods sold COGS from the ... View the full answer