32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000.  At what amount should ABC recognize as cost of the inventory under the gross method?     91,807 93,807 93,650 95,650

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.