4.The following data were available for ABC Stores at Nov. 6, 20X1: Purchases (Jan 1- Nov 5) P75,000 Purchase returns, P3,000 Inventory, Jan 1, P11,000 Sales, P125,000 Sales returns, P20,000 Gross profit rate is 50% of cost of sales. The warehouse of ABC Store was burned down and 30% of the inventory was lost in the fire. How much is the loss on fire at Nov 6, 20X1? 3,900 9,150 13,000 30,500
4.The following data were available for ABC Stores at Nov. 6, 20X1: Purchases (Jan 1- Nov 5) P75,000 Purchase returns, P3,000 Inventory, Jan 1, P11,000 Sales, P125,000 Sales returns, P20,000 Gross profit rate is 50% of cost of sales. The warehouse of ABC Store was burned down and 30% of the inventory was lost in the fire. How much is the loss on fire at Nov 6, 20X1? 3,900 9,150 13,000 30,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4.The following data were available for ABC Stores at Nov. 6, 20X1:
Purchases (Jan 1- Nov 5) P75,000
Purchase returns, P3,000
Inventory, Jan 1, P11,000
Sales, P125,000
Sales returns, P20,000
Gross profit rate is 50% of cost of sales.
The warehouse of ABC Store was burned down and 30% of the inventory was lost in the fire.
How much is the loss on fire at Nov 6, 20X1?
Purchases (Jan 1- Nov 5) P75,000
Purchase returns, P3,000
Inventory, Jan 1, P11,000
Sales, P125,000
Sales returns, P20,000
Gross profit rate is 50% of cost of sales.
The warehouse of ABC Store was burned down and 30% of the inventory was lost in the fire.
How much is the loss on fire at Nov 6, 20X1?
3,900
9,150
13,000
30,500
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