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Question - On 30 September 2021 a company's closing inventory was counted and valued at its cost of P1,500,000.
This included some items of inventory which had cost P350,000 and had been damaged in a flood on 15 September 2021. These are not expected to achieve their normal selling price which is calculated to achieve a gross profit margin of 20%.
The sale of these goods will be handled by an agent who sells them at 80% of the normal selling price and charges the company a commission of 15%.
At what value will be closing inventory of the company be reported in its statement of financial position as at 30 September 2021?
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