Dara Company's accounting records indicated the following information for 2021: Inventory- January 1 500,000 Purchases 2,500,000 Sales 3,200,000 A physical inventory taken on Dec. 31, 2021 resulted in an ending inventory of P 500,000. Dara"s gross profit on sales has remained constant at 25% in recent years. Dara suspects some inventory may have been taken by a new employee. REQUIRED: ON December 31, 2021, what is the estimated cost of missing inventory?

Dara Company's accounting records indicated the following information for 2021: Inventory- January 1 500,000 Purchases 2,500,000 Sales 3,200,000 A physical inventory taken on Dec. 31, 2021 resulted in an ending inventory of P 500,000. Dara"s gross profit on sales has remained constant at 25% in recent years. Dara suspects some inventory may have been taken by a new employee. REQUIRED: ON December 31, 2021, what is the estimated cost of missing inventory?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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