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Compute the amount of gain on reversal of inventory

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Question - ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a write-down from a cost of P2.400,000 to net realizable value of P1.650.000. The entity's practice is to use the allowance method in recording necessary adjustments. In 2021, market conditions have improved and on December 31, 2021, the inventory had a cost of P4.200,000 and net realizable value of 3,750,000. Compute the amount of gain on reversal of inventory write-down on December 31, 2021.

Reference no: EM133121837

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