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Problem 1: For the year 2009, the gross margin of Jumbo Co. was P96, 000; the cost of goods manufactured was P340, 000; the beginning inventories of work in process and finished goods were P28, 000 and P45, 000 respectively; and the ending inventories of work in process and finished goods were P38, 000 and P52, 000 respectively. The sales of Jumbo Co. for 2009, must have been
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