21. Rosalyn Supplies, Inc. lost most of its inventory in a re in December just before the year-end physical inventory was taken. Corporate records disclosed the following: beginning inventory, P1,207,000; purchases, P3,600,000; purchase returns, P225,000; sales, P5,250,000; sales returns, P120,000. Rosalyn Company's markup on cost has averaged 25% during the past few years. Merchandise with a selling price of P100,000 remained undamaged after the re, and the damaged merchandise has a salvage value of P56,200. Rosalyn Company does not carry re insurance on its inventory. It is estimated that the year-end inventory would have been subject to a normal 5% write-down for obsolescence. The estimated re loss incurred by Rosalyn Supplies is a. P302,900 b. P341,800 c. P324,710 d. P321,900