On September 30, 2021, Nueve Company reported that a fire caused severe damage to the entire inventory. The entity has a gross profit of 30% on cost. The following data were available for nine months ended September 30, 2021: Inventory, January 1 Net purchases Net sales P 1,100,000 6,000,000 7,280,000 A physical inventory count revealed unusable damaged goods which can be sold for P 100,000. 18. What is the estimated cost of goods sold for the nine months ended September 30, 2020? А. Р 5,500,000 В. Р 4,970,000 С. Р 5,096,000 D. P5,600,000 19. What is the estimated amount of fire loss? A. P1,500,000 В. Р 1,400,000 C. P 2,004,000 D. P1,964,000 20. Who is the Patron Saint of Accountants? A St Mathew R St Peter St. Benedict St. James

On September 30, 2021, Nueve Company reported that a fire caused severe damage to the entire inventory. The entity has a gross profit of 30% on cost. The following data were available for nine months ended September 30, 2021: Inventory, January 1 Net purchases Net sales P 1,100,000 6,000,000 7,280,000 A physical inventory count revealed unusable damaged goods which can be sold for P 100,000. 18. What is the estimated cost of goods sold for the nine months ended September 30, 2020? А. Р 5,500,000 В. Р 4,970,000 С. Р 5,096,000 D. P5,600,000 19. What is the estimated amount of fire loss? A. P1,500,000 В. Р 1,400,000 C. P 2,004,000 D. P1,964,000 20. Who is the Patron Saint of Accountants? A St Mathew R St Peter St. Benedict St. James

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Description: On September 30, 2021, Nueve Company reported that a fire caused severe damage tothe entire inventory. The entity has a gross profit of 30% on cost. The following data wereavailable for nine months ended September 30, 2021:Inventory, January 1Net pu

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 71BPSB

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