12. Ebasan was organized on January 1, 2020. On December 31, 2021, the corporation lost most of its invelit a warehouse fire just before the year end count of inventory was to take place. Data from the records disclosed the following: Goods available for sale 2020 P4,157,000 4,180,000 100,000 2019 P4,069,400 3,940,000 80,000 21% Sales Sales returns and allowances Gross Profit Rate On January 1, 2021 Ebasan's pricing policy was changed so that the gross profit rate would be three percentage points higher than the one earned in 2020. Salvaged undamaged merchandise was marked to sell at 120,000 while damaged merchandise was marked to sell at 80,000 had an estimated realizable value of 18.000. How much is the inventory loss due to fire?
12. Ebasan was organized on January 1, 2020. On December 31, 2021, the corporation lost most of its invelit a warehouse fire just before the year end count of inventory was to take place. Data from the records disclosed the following: Goods available for sale 2020 P4,157,000 4,180,000 100,000 2019 P4,069,400 3,940,000 80,000 21% Sales Sales returns and allowances Gross Profit Rate On January 1, 2021 Ebasan's pricing policy was changed so that the gross profit rate would be three percentage points higher than the one earned in 2020. Salvaged undamaged merchandise was marked to sell at 120,000 while damaged merchandise was marked to sell at 80,000 had an estimated realizable value of 18.000. How much is the inventory loss due to fire?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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