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Green Manufacturing started the business 5 yrs ago. A fire broke out at the warehouse on September 11, 2021, destroying all inventories as well as
Green Manufacturing started the business 5 yrs ago. A fire broke out at the warehouse on September 11, 2021, destroying all inventories as well as numerous accounting records pertaining to the inventory. The information that is currently available is shown below. All sales and purchases are on account. Sept. 11, 2021 Jan. 1, 2021 P 489,123 289,435 159,682 Inventory Accounts receivable Accounts payable Collections on accounts receivable, Jan. 1 - Sept. 11 Payments to suppliers, Jan. 1 - Sept. 11 Goods out on consignment at Sept. 11, at Cost P298,061 147,910 634.231 390,123 67,474 Summary of previous years' sales: 2018 2019 2020 Sales P534,230 P690,420 P701,243 Gross profit 160,269 179,509 238,423 What is the inventory loss suffered as a result of the fire
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