Solution-How much is the estimated loss from inventory theft

How much is the estimated loss from inventory theft

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Reference no: EM132840427

Problem - In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered the following information from its operations:

	1^st year	2^nd year
Purchases	P1,200,000	P1,500,000
Freight-in	100,000	120,000
Purchase returns and allowance	50,000	60,000
Purchase discount	40,000	70,000
Sales	1,300,000	1800,000
Sales returns and allowance	100,000	250,000
Sales discount	120,000	150,000
Cost of sales	900,000	?

If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft?

Reference no: EM132840427

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How much is the estimated loss from inventory theft

Reference no: EM132840427

Reference no: EM132840427

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