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Question - DEE Company uses the perpetual inventory system. On December 31, 2019, the balance of the inventory account was P500,000. Purchases in 2020 amounted to P5,000,000 excluding freight during the year of P300,000. The perpetual record showed an inventory balance of P 900,000 on December 31, 2020 that included goods in transit purchased FOB shipping point costing P80,000 that did not arrive until January 8, 2021. A physical count taken also on the same date showed inventory of P600,000 excluding the goods purchased on transit costing P80,000.
Required - What amount should be reported as cost of goods sold for the year ended December 31, 2020?
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