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What amount in the determination of cost of goods available

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Problem 1: On July 1, 2012, Irene Company recorded P2,000,000 under credit terms of 2/15, net 30. The payment due on the P3,000,000 purchase was remitted on July 16. The payment due on the P2,000,000 purchase was remitted on July 31. Under the gross method and net method, respectively, these purchases should be included at what amount in the determination of cost of goods available for sale?

a. 4,900,000 and 4,940,000

b. 4,900,000 and 5,000,00

c. 4,940,000 and 4,900,000

d. 5,000,000 and 4,900,000

Reference no: EM132899793

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