Cyrene Company reported the following balances at the end of each year: 2020 Inventory 2,600,000

Accounting Dec 24, 2021

Cyrene Company reported the following balances at the end of each year: 2020 Inventory 2,600,000.00 2,900,000.00 Accounts Payable 750,000.00 500,000.00 The entity paid suppliers Php 4,900,000.00 during the year ended December 31, 2021. What amount should be reported for costs of goods sold in 2021? Please show your solution.