Chapter 2, Problem 2.13E

A firm's balance sheet

LUKE CO's warehouse was severely damaged by flashflood on June 15, 2023. In the process of gathering the available information to file the insurance claim, LUKE was able to summarize the following: -The last physical inventory was taken on December 31, 2022 and actual count report showed P220,000. -Accounts payable amounted to P109,000 on January 1, 2023 and P126,000 at the time of the flashflood. -Tracing of bank statements showed that payments made to vendors and collections from customers aggregated P641,000 and P875,000, respectively, from January 1, 2023 up to the date of the flashflood. -All sales are on account and outstanding balance of accounts receivables amouted to P135,700 as at January 1, 2023, and P107,000 on June 15, 2023. -All inventory items are sold approximately 30% in excess of cost. -As at June 15, 2023, the cost of inventories that were salvaged and not destroyed amounted to P144,000.   How much is the amount of inventory loss as a result of the flashflood?…

What was the investor's rate of return on these financial accounting question?

SUBJECT: GENERAL ACCOUNTING

Elba Industries produces a single product: solar-powered lanterns for outdoor use. The budget going into the current year anticipated a selling price of $72 per unit. Due to market competition, the company had to reduce the selling price by 12% during the year. Budgeted variable costs per unit are $45, and budgeted total fixed costs are $180,000 for the year. The anticipated sales volume for the year was 15,000 units. Actual sales volume was 6% lower than budget. What was the sales price variance for the year?

No Ai

Financial accounting

You purchase lubricating oil in 55

Please provide the answer to this financial accounting question using the right approach.