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Homework answers / question archive / The following selected accounts were taken from the books of Santos Trading on December 31, 2016: Santos, Capital-P150,000; Loss from Operations-P1,500; Net Sales-P120,000; total Goods Available for Sale-P103,505; Gross Profit-P60,750; Merchandise inventory , Jan 1, 2016-P27,520
The following selected accounts were taken from the books of Santos Trading on December 31, 2016: Santos, Capital-P150,000; Loss from Operations-P1,500; Net Sales-P120,000; total Goods Available for Sale-P103,505; Gross Profit-P60,750; Merchandise inventory , Jan 1, 2016-P27,520.
Cost of goods sold is
Select one:
a. P 42,755
b. P62,250
c. P75,985
d. P 59,750
Computation of the cost of goods sold:-
Cost of goods sold = Net sales - Gross profit
= 120000 - 60750
= 59250
None of option is correct.
The cost of goods sold = P59,250
