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 P1,200,000 P1,500,000 100,000 50,000 40,000 1,300,000 100,000 Purchases Freight-in 120,000 Purchase returns and allowance 60,000 Purchase discount 70,000 Sales 1800,000 Sales returns and allowance 250,000 Sales discount Cost of sales If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft? 120,000 150,000 900,000 ???

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 P1,200,000 P1,500,000 100,000 50,000 40,000 1,300,000 100,000 Purchases Freight-in 120,000 Purchase returns and allowance 60,000 Purchase discount 70,000 Sales 1800,000 Sales returns and allowance 250,000 Sales discount Cost of sales If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft? 120,000 150,000 900,000 ???

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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