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How much is the cost of goods sold reported in violet

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Reference no: EM132631213

The following information pertains to Violet Company's cost of goods sold for the year 2017:

Inventory, January 1-P450,000;

Inventory, December 31-P100,000;

Purchases-P600,000;

Write off of obsolete inventory-P150,000.

The inventory written off became obsolete as a result of an unexpected and unusual technological advancement by a local competitor.

Problem 1: How much is the cost of goods sold reported in Violet's 2017 income statement?

Reference no: EM132631213

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