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1. Compute for the Cost of Goods Sold using the following: A. Sales- ₱15,000 B. Purchases-...

1. Compute for the Cost of Goods Sold using the following:

A. Sales- ₱15,000
B. Purchases- ₱2,000
C. Purchase Return- ₱200
D. Purchase Discount- ₱200
E. Freight In- ₱100
F. Beginning Inventory- ₱1,000
G. Ending Inventory- ₱500

2. Gross Profit of Happy Selling amounted ₱175,000. Beginning Inventory totaled ₱250,000. Ending Inventory amounted to ₱50,000 while Net Cost of Purchases totaled ₱85,000. Compute for Net Sales.

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