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Compute the Net purchases and Cost of goods sold

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Reference no: EM133003366

Question - The accountant was tasked to reconstruct the books of Refresh Co. after a virus attacked their accounting system. The following information were available.

Hint: an increase in the balances represents the ending balance while a decrease represents the beginning balance.

Payments made to suppliers P70,000

Decrease in accounts payable 8,000

Increase in inventory 16,000

Compute the Net purchases and Cost of goods sold?

Reference no: EM133003366

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