The following information pertains to the Leopoldo Valdez School Chairs Transportation in P 172,000 Merchandise Inventory 1/1/2019 1,200,000 Merchandise invenoty 12/31/2019 1,900,000 Purchases...

The following information pertains to the Leopoldo Valdez School Chairs
Transportation in P 172,000
Merchandise Inventory 1/1/2019 1,200,000
Merchandise invenoty 12/31/2019 1,900,000
Purchases 4,300,000
Purchase Returns and allowances 129,000
Purchase Discounts 215,000
Required: Prepare the cost of goods sold section of the income statement for the year ended Dece. 31, 2020