The owner's capital at the beginning amounted to P800,000. During the year, it increased to P980,000 with the owner making additional investment of P90,000 and withdrawing some supplies worth P8,000 from the business. Net sales for the year amounted to P600,000, total operating expenses were P220,000, and there was no other income during the year. The cost of goods sold for this year was?

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To calculate the cost of goods sold COGS we can use the formula COGS Opening Inventory Purchases Clo... View the full answer