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What should be the amount to be reported for cost of goods

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Reference no: EM132808303

Moons Company reported the following balances at the end of each year:

                                   2020             2019
Inventory           P2,600,000     P2,900,000

Accounts Payable 750,000        500,000

Problem 1: The entity paid suppliers P4,900,000 during the year ended December 31, 2020. What should be the amount to be reported for cost of goods sold in 2020?

Reference no: EM132808303

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