Calla Company presented its cost of goods sold statements for the year ended December 31, 2016 with the following information: Inventory, Beginning P 360,000 Purchases 4,100,000 Inventory, Ending...

What is the correct balance for purchases

Extracted text: Calla Company presented its cost of goods sold statements for the year ended December 31, 2016 with the following information: Inventory, Beginning P 360,000 Purchases 4,100,000 Inventory, Ending 700,000 The auditor noted the following during its audit of inventories: 1. Inventory balance at year-end is based on physical count and no reconciling items were considered. 2. Purchases made were at FOB Shipping point. 3. At the end of the year when cut-off procedures performed, • Sales of P286, 000 (cost of P85,800) were made on account on December 31, and the goods were delivered at that time, but all entries related to the sales was made January 2. Invoices totaling to P64,000 were entered in the voucher register in January, but the goods were received in December. 2. December invoices of P46,000 were entered in the voucher register in December, but goods were not received until January. • Invoices of P65,400 were entered in the voucher register in January, and the goods were received in January, but the voices were dated December. At the beginning of the year when cut-off procedures performed, it revealed that invoices totaling P95,000 was recorded in January for goods received last December. Invoices amounting to P45,000 were entered in the vouchers in December but the goods were not received until January.