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Find what amount should be reported for cost of goods sold

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Reference no: EM132813357

M Company reported the following balances on December 31.

Inventory

2019 - 2,900,000

2020 - 2,600,000

Accounts Payable

2019 - 500,000

2020 - 750,000

problem 1: The entity paid supplier P4,900,000 during the year ended December 31, 2020. Under the accrual basis, what amount should be reported for the cost of goods sold in 2020?

Reference no: EM132813357

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