Determine the amount of gross purchases

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Problem 1: The gross profit is P100,000; goods available for sale, P1,100,000; beginning inventory, P100,000; purchases, P1,000,000; and sales, P1,000,000. The ending inventory is:

Problem 2: Based on the following information, determine the amount of gross purchases: Merchandise inventory, beginning, P85,300; Cost of merchandise available for sale. P550,000; Merchandise inventory, end, P60,400; Cost of merchandise sold, P489,600; Purchase returns and allowances, P3,000.

Reference no: EM132728403

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