Reference no: EM132744931
Determining the Beginning Merchandise Inventory Information retrieved from the books of Gaudie Gallardo Pharmacy:
Cost of Goods Sold ----------------------- P 836,000
Transportation In ------------------------------ 20,000
Merchandise Inventory, 1/31/2020 -------- 180,000
Purchases Discounts ------------------------- 18,000
Purchases Returns and Allowances --------- 9,000
Purchases ------------------------------------ 900,000
Required:
Problem a) Compute the merchandise inventory as at Jan. 1, 2020.
Problem b) Prepare the cost of goods sold section of the income statement of Gaudie Gallardo Pharmacy.
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