Question: PLEASE ANSWER THE FOLLOWING QUESTIONS, I WILL GIVE THUMBS UP Lapurga Traders started operating in 2020. For the year ended 2020, the sales, purchases, and

PLEASE ANSWER THE FOLLOWING QUESTIONS, I WILL GIVE THUMBS UP

Lapurga Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P500,000, P200,000, and P10,000 respectively, what is the amount of cost of goods sold for the year ended 2020?*

a.P 190,000

b. P790,000

c. P200,000

d. P800,000

Assuming that net purchases were 900,000 during the year and that ending merchandise inventory was 20,000 less than beginning merchandise inventory of 250,000, how much was the cost of goods sold?*

a. 920,000.

b. 1,170,000.

c. 1,130,000.

d. 670,000.

Solina purchased inventory for P50,000 and also paid a P3,000 freight bill. Solina returned half the goods to the seller and later took a 2% purchase discount. What is Solina's cost of the inventory that it kept?*

P27,000

P28,000

P27,500

P25,000

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