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Determine what is amount of cost of goods sold for the year

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Problem 1: Talion 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

Reference no: EM132739260

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