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On the eve of June 15, 2021, a fire destroyed the warehouse where Mobile Legends Company store their merchandise. The merchandise inventory was not covered
On the eve of June 15, 2021, a fire destroyed the warehouse where Mobile Legends Company store their merchandise. The merchandise inventory was not covered by insurance. The following information were given:
Inventory, January 1 P250,000
Purchases, January 1 June 15 P2,300,000
Sales, January 1 June 15 P2,000,000
Gross profit rate 25%
1. How much is Cost of Sales?
2. How much is Gross Profit?
3. How much is the Inventory Loss?
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