Question
Ring Company's accounting records indicated the following for the current year: Inventory, January1P6,000,000 Purchases20,000,000 Sales30,000,000 A physical inventory taken on December 31 resulted in an
Ring Company's accounting records indicated the following for the current year:
Inventory, January1P6,000,000
Purchases20,000,000
Sales30,000,000
A physical inventory taken on December 31 resulted in an ending inventory of P4,500,000.The gross profit on sales remained constant at 30% in recent years.Ring suspects some inventory may have been taken by a new employee.At December 31, what is the estimated cost of missing inventory?
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Advanced Financial Accounting
Authors: Richard Baker, Theodore Christensen, David Cottrell
9th edition
78110920, 978-0077899165, 77899164, 978-0077484255, 77484258, 978-0078110924
