.Your review of ABC Company's inventory and related records for the year revealed the following information: Inventory, 1/1 - 450,000 Purchases -3,150,000 Sales -4,200,000 You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory. What is the cost of the missing inventory assuming that ABC's gross profit remains at 30% of sales?
.Your review of ABC Company's inventory and related records for the year revealed the following information: Inventory, 1/1 - 450,000 Purchases -3,150,000 Sales -4,200,000 You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory. What is the cost of the missing inventory assuming that ABC's gross profit remains at 30% of sales?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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15.Your review of ABC Company's inventory and related records for the year revealed the following information:
Inventory, 1/1 - 450,000
Purchases -3,150,000
Sales -4,200,000
You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory.
What is the cost of the missing inventory assuming that ABC's gross profit remains at 30% of sales?
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