Company sells milled rice in Isabela Province. On September 15, a flood destroyed the company’s warehouse, along with all its inventory on hand. No inventory was salvaged. The inventory on hand as of August 31 had a selling price of P7,500,000. Purchases made from September 1 until the flood totaled P2,000,000 and sales of P9,500,000 were made on the same period. The gross profit on sales is 30%. What is the estimated ending inventory? 2,850,000 2,192,308 850,000 600,000 Answer not given
Company sells milled rice in Isabela Province. On September 15, a flood destroyed the company’s warehouse, along with all its inventory on hand. No inventory was salvaged. The inventory on hand as of August 31 had a selling price of P7,500,000. Purchases made from September 1 until the flood totaled P2,000,000 and sales of P9,500,000 were made on the same period. The gross profit on sales is 30%. What is the estimated ending inventory? 2,850,000 2,192,308 850,000 600,000 Answer not given
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Company sells milled rice in Isabela Province. On September 15, a flood destroyed the company’s warehouse, along with all its inventory on hand. No inventory was salvaged. The inventory on hand as of August 31 had a selling price of P7,500,000. Purchases made from September 1 until the flood totaled P2,000,000 and sales of P9,500,000 were made on the same period. The gross profit on sales is 30%. What is the estimated ending inventory?
2,850,000
2,192,308
850,000
600,000
Answer not given
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