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ON JANUARY 6, 2023, AN INSTALLMENT SALE IN 2022 WAS DEFAULTED AND THE MERCHANDISE WAS REPOSSESSED. THE FAIR MARKET VALUE OF THE MERCHANDISE AFTER

ON JANUARY 6, 2023, AN INSTALLMENT SALE IN 2022 WAS DEFAULTED AND THE MERCHANDISE WAS REPOSSESSED. THE FAIR MARKET VALUE OF THE MERCHANDISE AFTER RECONDITIONING COSTS AMOUNTED TO P15,000. THERE IS A 10% NORMAL PROFIT BASED ON ESTIMATED RESALE VALUE, THE CORPORATION INCURRED P3,000 DISPOSAL COSTS AND P5,000 RECONDITIONING COST. RELATED INSTALLMENT RECEIVABLE BALANCE ON JANUARY 6, 2023 WAS P17,000. THE OPERATING EXPENSES INCURRED IN 2022 AND 2023 AMOUNTED TO P50,000 AND P100,000 RESPECTIVELY. WHAT IS THE GROSS PROFIT RATE IN 2022?

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