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How much is the total purchases for the period

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Question - The cost of goods sold amounted to P3,500,000. The beginning inventory is P500,000 greater than the ending inventory, the latter being equivalent to 20% of purchases during the period. Gross profit of the company is 30% of gross sales. Total operating expenses amounted to 60% of the gross profit while sales returns amounted to 2% of gross sales. The company income tax rate is 30%.

Required -

a. How much is net sales for the period?

b. How much is the total purchases for the period?

Reference no: EM133175313

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