Intermediate Accounting: InventoriesMeasuring inventory using perpetual inventory system, gross and net method.

Search Chloe Ysabelle Gempesaw CY X OH ACFAR-2132-PAA1-Inventories - Word View Help Share Comments me Insert Draw Design Layout References Mailings Review D Ink to Ink to Drawing Ink Shape Math Canvas Replay Drawing Tools Convert Insert Replay 36 Items 36 to 41 are based on the following : Macedonia Company, which began operations in 2020, uses perpetual inventory system. In 2020, it purchased merchandise with a gross invoice cost of P2,000,000. All purchases were made under terms 2/10, n/30 FOB destination. It paid freight charge of P100,000. In 2020, it paid for 80% within the discount period. The remaining 20% was paid beyond the discount period. It sold 70% of the merchandise it acquired for cash of P3,600,000. The other 30% remained in inventory at year-end. 36. Under the gross method, what is the cost of goods sold? 37. Under the gross method, what is the amount of ending inventory? 38. Under the gross method, what is the purchase discount lost? 39. Under the net method, what is the cost of goods sold? 40. Under the net method, what is the amount of ending inventory? 41. Under the net method, what is the purchase discount lost