Question
On January 1 a store had inventory of P55,000. January purchases were P46,000 and January sales were P105,000.On February 1 a fire destroyed most of
On January 1 a store had inventory of P55,000. January purchases were P46,000 and January sales were P105,000.On February 1 a fire destroyed most of the inventory.The rate of gross profit was 25% of cost.Merchandise with a selling price of P7,500 remained undamaged after the fire.Compute the amount of the fire loss, assuming the store had no insurance coverage.
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Financial Accounting
Authors: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
17th edition
978-1259692390
