PROBLEM 21: A physical inventory taken on December 31, 2021 resulted in an ending inventory of P1,440,000. San Salvador Company suspects some inventory may have been taken by employees. To estimate the cost of missing inventory, the following were gathered: P 1,280,000 5,640,000 1,400,000 Inventory, December 31, 2020 Purchases during 2021 Cash sales during 2021 Shipment received on December 26, 2021, included in physical inventory but not recorded as purchases Deposits made with suppliers, entered as purchases. Goods were not received in 2021 40,000 Collections on accounts receivable, 2021 Accounts receivable, January 1, 2021 Accounts receivable, December 31, 2021 80,000 7,200,000 1,000,000 1,200,000 40% Gross profit percentage on sales 27. At December 31, 2021, what is the estimated cost of missing inventory?

PROBLEM 21: A physical inventory taken on December 31, 2021 resulted in an ending inventory of P1,440,000. San Salvador Company suspects some inventory may have been taken by employees. To estimate the cost of missing inventory, the following were gathered: P 1,280,000 5,640,000 1,400,000 Inventory, December 31, 2020 Purchases during 2021 Cash sales during 2021 Shipment received on December 26, 2021, included in physical inventory but not recorded as purchases Deposits made with suppliers, entered as purchases. Goods were not received in 2021 40,000 Collections on accounts receivable, 2021 Accounts receivable, January 1, 2021 Accounts receivable, December 31, 2021 80,000 7,200,000 1,000,000 1,200,000 40% Gross profit percentage on sales 27. At 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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