Company sells milled rice in Isabela Province. On September 15, a flood destroyed the company’s warehouse, along with all its inventory on hand. No inventory was salvaged. The inventory on hand as of August 31 had a selling price of P7,500,000. Purchases made from September 1 until the flood totaled P2,000,000 and sales of P9,500,000 were made on the same period. The gross profit on sales is 30%. What is the estimated ending inventory?         2,850,000       2,192,308       850,000       600,000       Answer not given

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Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.