Homework answers / question archive / The total operating expenses of Claiborne Company for 2017 is 50% of cost of sales but only 20% of sales

The total operating expenses of Claiborne Company for 2017 is 50% of cost of sales but only 20% of sales

Accounting

Share With

The total operating expenses of Claiborne Company for 2017 is 50% of cost of sales but only 20% of sales. Finance costs are 5% of sales. The amount of purchases is 130% of cost of sales. Ending inventory is 25% greater than the beginning inventory. The profit for the period after tax of 32% is P2,380,000. How much were the purchases during the year 2017?