Reference no: EM132950063
Fire occurred at the factory of Burny Corporation on February 16, 2020 which damaged its merchandise inventory. You were given the following data:
Inventory, January 1, 2010 P 400,000,
Sales (including sales delivered still in transit FOB shipping point, P 50,000) P980,000,
Purchases (including those still in transit, Shipped FOB shipping point P 40,000,
Shipped FOB destination, P35,000) P700,000.
The merchandise saved from fire was estimated to be P 8,500. Burny Corporation's policy is to add 40% on its cost.
Problem 1: Compute for the estimated value of inventory damaged by fire. Present solutions in good accounting form.
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