Based on the following information provided by Max Trading Company on December 31, 200C, the end of its accounting period: Sales P 780,000 Sales Returns & Allowances 15,000 Sales Discount 19,000 Purchases 420,000 Freight in 12,000 Purchase Returns & Allowances 8,000 Purchase Discount 2,000 Beginning Inventory 50,000 Ending Inventory 80,000 Operating expenses 120,000 Other Income 16,000 Other Expenses 3,000 How much is the cost of goods sold? a P 392,000 b P 388,000 c P 366,000 d P 390,000
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Net Sales = Sales - Sales Returns & Allowances - Sales Discount Net Sales = P780,000 - P15,000 - P19,000 Net Sales = P746,000 Show more…
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