Gross profit method - GPR based on sales - - On Nov. 29, 20x1, a meteorite struck the warehouse of Unlucky Co. and destroyed the inventories contained therein. The following information was determined: Beginning inventory Accounts payable, Jan. 1 Accounts payable, Nov. 29 Payments to suppliers Purchase returns 80,000 30,000 60,000 480,000 3,000 Purchase discounts 4,000 Freight-in Sales from Jan. to Nov. 5,000 585,000 Sales returns 15,000 117,000 Sales discounts Gross profit rate based on sales 25% Goods in transit, purchased FOB shipping point, from a vendor on Nov. 29, 20x1 were P28,000, while goods held by consignees were 32,000. The goods salvaged from the fire can be sold at a scrap alue of P2,500. How much is the inventory loss?

Gross profit method - GPR based on sales - - On Nov. 29, 20x1, a meteorite struck the warehouse of Unlucky Co. and destroyed the inventories contained therein. The following information was determined: Beginning inventory Accounts payable, Jan. 1 Accounts payable, Nov. 29 Payments to suppliers Purchase returns 80,000 30,000 60,000 480,000 3,000 Purchase discounts 4,000 Freight-in Sales from Jan. to Nov. 5,000 585,000 Sales returns 15,000 117,000 Sales discounts Gross profit rate based on sales 25% Goods in transit, purchased FOB shipping point, from a vendor on Nov. 29, 20x1 were P28,000, while goods held by consignees were 32,000. The goods salvaged from the fire can be sold at a scrap alue of P2,500. How much is the inventory loss?

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Description: Gross profit method - GPR based on sales- On Nov. 29, 20x1, a meteorite struck the warehouse ofUnlucky Co. and destroyed the inventories contained therein.The following information was determined:Beginning inventoryAccounts payable, Jan. 1Accounts p

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1OYO

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