NA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after discovering that one of the trusted employees committed theft and ran away with pieces of jewelry. The inventory disclosed goods on hand costing P5,500,000. Additional information from the books includes the following: Inventory on hand, February 1 – P6,750,000; Purchases made from February 1 to 13 – P7,000,000 and Sales – P10,500,000. Records show that sales are made at 40% above cost. What is the amount of loss from theft?
NA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after discovering that one of the trusted employees committed theft and ran away with pieces of jewelry. The inventory disclosed goods on hand costing P5,500,000. Additional information from the books includes the following: Inventory on hand, February 1 – P6,750,000; Purchases made from February 1 to 13 – P7,000,000 and Sales – P10,500,000. Records show that sales are made at 40% above cost. What is the amount of loss from theft?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after discovering that one of the trusted employees committed theft and ran away with pieces of jewelry. The inventory disclosed goods on hand costing P5,500,000. Additional information from the books includes the following: Inventory on hand, February 1 – P6,750,000; Purchases made from February 1 to 13 – P7,000,000 and Sales – P10,500,000. Records show that sales are made at 40% above cost. What is the amount of loss from theft?
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