On December 31, 2014, a fire broke out in the warehouse of Regatta Company destroying all inventory. The following data are available for 2014: Jan-01 Dec-31 Inventory 600,000 Accounts Receivable 576,000 528,000 Accounts Payable 480,000 60,000 Collection on accounts receivable 3,168,000 Remittance to home office 1,920,000 Goods out on consignment at sales price 240,000 Salvage Value of inventory 24,000 Expenses 360,000 Sales Gross Profit (per branch books) 2012 3,360,000 1,512,000 2011 3,240,000 1,296,000 2010 3,000,000 1,032,000 Upon receipt of merchandise from the home office, the branch credits accounts payable, while a debit is made for every cash remittance to home office. The branch only acquire goods from the home office, and shipments of these merchandise are made at a billed price of 120% of cost Using the data of Regatta Company, what is the amount of shipments (at cost) for the current year? Correct answer: Php1,700,000 On December 31, 2014, a fire broke out in the warehouse of Regatta Company destroying all inventory. The following data are available for 2014: Jan-01 Dec-31 Inventory 600,000 Accounts Receivable 576,000 528,000 Accounts Payable 480,000 60,000 Collection on accounts receivable 3,168,000 Remittance to home office 1,920,000 Goods out on consignment at sales price 240,000 Salvage Value of inventory 24,000 Expenses 360,000 Sales Gross Profit (per branch books) 2012 3,360,000 1,512,000 2011 3,240,000 1,296,000 2010 3,000,000 1,032,000 Upon receipt of merchandise from the home office, the branch credits accounts payable, while a debit is made for every cash remittance to home office. The branch only acquire goods from the home office, and shipments of these merchandise are made at a billed price of 120% of cost Using the data of Regatta Company, what is the amount of shipments (at cost) for the current year? Correct answer: Php1,700,000