In its second year of operation, Painter Inc. noticed possible theftof its inventories. It gathered the following information from itsoperations:1" Year2nd yearPurchasesP1,200,000 P1,500,000Freight-in100,000120,000Purchase returns and allowance50,00060,000Purchase discount40,00070,000Sales1,300,0001800,000Sales returns and allowance100,000250,000Sales discount120,000150,000Cost of sales900,000???If the physical ending inventory were valued at P325,000, howmuch is the estimated loss from inventory theft?

Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered the following information from its operations: 1" Year 2nd year P 1,200,000 P1,500,000 100,000 50,000 40,000 1,300,000 100,000 120,000 900,000 Purchases Freight-in 120,000 Purchase returns and allowance 60,000 Purchase discount 70,000 1800,000 Sales Sales returns and allowance 250,000 Sales discount 150,000 Cost of sales ??? If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft?

In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered the following information from its operations: 1" Year 2nd year P 1,200,000 P1,500,000 100,000 50,000 40,000 1,300,000 100,000 120,000 900,000 Purchases Freight-in 120,000 Purchase returns and allowance 60,000 Purchase discount 70,000 1800,000 Sales Sales returns and allowance 250,000 Sales discount 150,000 Cost of sales ??? If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft?

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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In its second year of operation, Painter Inc. noticed possible theft of it's inventories. It gathered the following information from its operations: 1st year 2nd Year Purchases 1,200,000 1,500,000 Freight in 100,000 120,000 Purchase returns and allowance 50,000 60,000 Purchase discount 40,000 70,000 Sales 1,300,000 1,800,000 Sales returns and allowance 100,000 250,000 Sales discount 120,000 150,000 Cost of sales 900,000 ??? If the physical ending inventory were valued at 325,000, how much is the estimated loss from inventory theft?
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