The following information appears on the Kimchi Jjigae Company's records for the year ended December 31: Inventory, January 1- P325,000; Purchases- P1,150,000; Purchase returns- P40,000; Freight-in- P30,000; Sales- P1,700,000; Sales returns- P25,000. On December 31, a physical inventory revealed that the ending inventory was only P210,000. Kimchi Jjigae's gross profit on net sales has remained constant at 30% in recent years. Kimchi Jjigae suspects that some inventory may have been pilfered by one of the company's employees. At December 31, what is the estimated cost of inventory? * , O P210,000 O P292,500 O P82,500 D P75,000

The following information appears on the Kimchi Jjigae Company's records for the year ended December 31: Inventory, January 1- P325,000; Purchases- P1,150,000; Purchase returns- P40,000; Freight-in- P30,000; Sales- P1,700,000; Sales returns- P25,000. On December 31, a physical inventory revealed that the ending inventory was only P210,000. Kimchi Jjigae's gross profit on net sales has remained constant at 30% in recent years. Kimchi Jjigae suspects that some inventory may have been pilfered by one of the company's employees. At December 31, what is the estimated cost of inventory? * , O P210,000 O P292,500 O P82,500 D P75,000

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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