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Find what is amount of cost of goods sold for year ended

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Jan Cahilig Traders started operating in 2020. for the year ended 2020, the sales, purchases and closing inventory are P500,000, P200,000 and PIO,OOO respectively.

Problem 1: What is the amount of cost of goods sold for the year ended 2020?

a. P190,000

b. P790,000

c. P200,000

d. P800,000

Problem 2: what is the gross profit for the entity?

a. P200,000

b. P300,000

c. P310,000

d. P490,000

 

Reference no: EM132817989

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