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How much is the gross profit for the year

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Reference no: EM132765993

The records of Medical Top Team Co. showed the following information:

Increase in accounts receivable- P100,000

Collections on accounts- P800,000

Cash sales- P120,000

Increase in inventory- P40,000

Freight-in- P14,000

Freight-out- P13,000

Decrease in accounts payable- P60,000

Disbursements for purchases- P480,000

Purchase discounts- P4,000

Problem 1: How much is the gross profit for the year?

Reference no: EM132765993

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