How much is the gross purchases

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Reference no: EM132823613

Question - CAC Co. provided these information for 2020: Inventory - January 1: P400,000; Freight in: P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020?

a. P6,500,000

b. P6,700,000

c. P8,000,000

d. P8,200,000

Reference no: EM132823613

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