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Produce a statement of cost of goods sold and gross profit

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Question - Read and analyze the situation below then, produce a statement of Cost of Goods Sold and Gross Profit for the year ended December 31, 2020. In proper format, show the computation.

The following data was taken from the ledger account balances and supplementary data for ABM Company.

Merchandise inventory beginning P25,000

Merchandise inventory, ending 20,000

Purchase discounts 3,500

Purchase 150,000

Purchase Return and Allowances 3,000

Freight-in 1,500

Sales 325,000

Reference no: EM133183080

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