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Compute the amount of the fire loss

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Question - On January 1 a store had inventory of P55,000. January purchases were P46,000 and January sales were P105,000. On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of P7,500 remained undamaged after the fire. Compute the amount of the fire loss, assuming the store had no insurance coverage.

Reference no: EM132540817

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