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What amount should be reported as cost of good sold for year

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Question 1: Hutch Company used the average cost retail inventory method to account for inventory. The following information related to operations for the current year: Beginning inventory and purchases were P6,000,000 at Cost and P9,200,000 at Retail. Net mark ups were P400,000; Net markdowns is P600,000. Sales amount to P7,800,000. What amount should be reported as cost of goods sold for the current year?

Reference no: EM132835588

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