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On September 1, 2020 a fire at Bryan Company's only warehouse caused severe damage to its entire inventory. Based on recent history, Bryan has a
On September 1, 2020 a fire at Bryan Company's only warehouse caused severe damage to its entire inventory. Based on recent history, Bryan has a gross profit of 30% of net sales. The following information is available from Bryan's records for the nine months ended September 30, 2020: Innventory at 1/1/19 P 1,100,000 Purchases 6,000,000 Net Sales 8,000,000 A physical inventory disclosed usable damaged goods which Bryan estimates can be sold to a jobber for P100,000. Using the gross profit method, the estimated cost of goods sold for the nine months ended September 30, 2020 should be
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