On January 1, 2022, Plantitos Company purchased a vineyard costing P 12,000,000 which is determined to...

 

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On January 1, 2022, Plantitos Company purchased a vineyard costing P 12,000,000 which is determined to produce fruit for a period of 5 years. During the year, Plantitos harvested grapes with a fair value less cost to dispose of P 4,000,000. By the end of 2021, it sold the grapes for P 7.000,000. What amount should be reported as gross profit from sales? O P4,000.000 O P3,500.000 O P3.000,000 O P7000.000 On January 1, 2022, Plantitos Company purchased a vineyard costing P 12,000,000 which is determined to produce fruit for a period of 5 years. During the year, Plantitos harvested grapes with a fair value less cost to dispose of P 4,000,000. By the end of 2021, it sold the grapes for P 7.000,000. What amount should be reported as gross profit from sales? O P4,000.000 O P3,500.000 O P3.000,000 O P7000.000

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