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What is the amount of closing inventory of the entity

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Reference no: EM133051423

Question - An entity has the following accounting information for the year

Sales P400,000

Purchases 90,000

Opening Inventory 30,000

Sales Returns and Allowances 80,000

Purchases Returns and Allowances 70,000

Transportation In 40,000

Transportation Out 10,000

Salaries 9,000

Other Revenues 4,000

General Expenses 7,000

Gross Profit 250,000

1. What is the amount of net sales of the entity?

a. P260,000

b. P280,000

c. P320,000

d. P330,000

2. What is the amount of net purchases of the entity?

a. P20,000

b. P30,000

c. P50,000

d. P60,000

3. What is the amount of closing inventory of the entity?

a. P10,000

b. P20,000

c. P30,000

d. P40,000

4. What is the amount of profit for the year?

a. 48,000

b. P188,000

c. P198,000

d. P228,000

Reference no: EM133051423

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