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What is the estimated cost of missing inventory

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Question - Ring Company's accounting records indicated the following for the current year:

Inventory, January 1 P6,000,000

Purchases 20,000,000

Sales 30,000,000

A physical inventory taken on December 31 resulted in an ending inventory of P4,500,000. The gross profit on sales remained constant at 30% in recent years. Ring suspects some inventory may have been taken by a new employee. At December 31, what is the estimated cost of missing inventory?

Reference no: EM132540797

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