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Determination of cost of goods available for sale

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Question - On August 1 of the current year, Slovenia Company recorded purchases of P800,000 and P1,000,000 under credit terms of 2/15, net 30. The payment due on the P800,000 purchase was remitted on August 16. The payment due on the P1,000,000 purchase was remitted on August 31. Under the net method and the gross method, these purchases should be included at what respective amounts in the determination of cost of goods available for sale?

Reference no: EM133035210

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