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What is the company gross profit rate beginning January

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Reference no: EM133057830

Question - Bartleby Graduate Inc. was organized on January 1, 2020. On December 31, 2021, the company lost most of its inventory in a warehouse fire just before the year-end count of Inventory was to take place. The company's records disclosed the following data:

 

2020

2021

Inventory, January 1

0

204,000

Purchases

890,000

745,040

Purchase returns and allowances

46,120

64,600

Sales

805,850

836,000

Sales returns and allowances

6,000

20,000

On January 1, 2021, Bartleby Graduate Inc.'s pricing policy was changed so that the gross profit rate would be three percentage points lower than the one earned in 2020. Salvaged undamaged merchandise was marked to sell at P24,000 while damaged merchandise market to sell at P16,000 had an estimated realizable value of P3,600.

1. What is the company's gross profit rate beginning January 1, 2021?

A. 17%

B. 20%

C. 21%

D. 24%

2. How much is the inventory fire loss?

A. 146,920

B. 183,640

C. 189,400

D. 254,000

Reference no: EM133057830

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