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Compute for inventory loss due to the flood

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Reference no: EM132906753

All of its inventories were contained in that warehouse. Available records from the system showed the following information.

Inventory, January 1 29,000
Accounts payable, January 1 12,000
Accounts payable, August 31 6,000
Payments to suppliers 100,000
Freight in 10,000
Purchase returns and discounts 5,000
Sales from January to August 31 150,000
Sales returns 10,000
Sales discounts 4,000
Gross profit rate based on sales 20%

Goods purchased in transit FOB-SP on September 1 amounted to P4,000 while goods out on consignment were P2,400. Damaged materials can be solved at salvaged value of P1,000.

Problem 1: Compute for:

1.1. The amount of net purchases:
1.2. Cost of goods sold:
1.3. Inventory loss due to the flood:

Reference no: EM132906753

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