The following information is given for Mint Company:

Freight-in – P2,000.

Purchase Returns – P3,000.

Selling Expenses – P150,000.
Ending Inventory – P 80,000.

The cost of goods sold is equal to 800% of selling expenses.

What is the cost of goods available for sale?

D 150,000 x 8 = 1,200,000 + 80,000 = 1,280,000