Reference no: EM132615340
On October 1, 20x1, the warehouse of ABC Co. and all inventories contained therein were damaged by flood. Off-site back up of data base shows the following information:
Inventory, Jan. 1 - 14,500
Accounts payable, Jan 1 - 6,000
Accounts payable Sept. 30 - 3,000
Payments to suppliers - 50,000
Freight-in - 5,000
Purchase returns and discounts - 2,500
Sales from Jan. to Sept. - 75,000
Sales returns - 5,000
Sales discounts - 2,000
Gross profit rate based on sales 20%
Additional information:
Goods in transit as of October 1, 20x1 amounted to P2,000, cost of goods out on consignment is P1,200, and materials damaged by flood can be sold at salvage value of P500.
Problem 1: How much is the inventory loss due to the flood?
A. P6,800
B. P7,200
C. P8,200
D. P7,800
E. Answer not given
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