4. On May 6 , 2019 a flash flood damage to the merchandise stored in the warehouse of Verde Co. You were asked to submit an estimate of the merchandise destroyed in the warehouse . The following data were established : 1. Net sales for 2018 were P800,000 , matched against cost of P560,000 2. Merchandise inventory, Jan. 1, 2019 was P200,000, 90% of which was in the warehouse and 10% in downtown showrooms. 3. For Jan. 1, 2019 to date of flood, you ascertained invoice value of purchases (all stored in the warehouse), P100,000 ; freight inward, P4,000; purchases returned, P 6,000 4. Cost of merchandise transferred from the warehouse to show-rooms was P8,000 and net sales from January 1 to May 6, 2019 (all warehouse stock) were P320,000

Assuming gross profit rate in 2019 to be the same as in the previous year, the estimated merchandise destroyed by the flood was? choices: P66,000 80,000 46,000 50,000