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Compute the amount of net purchases

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Question - On September 1, 20x1, a fire destroyed the warehouse of Refresh Co. All of its inventories were contained in that warehouse. Available records from the system showed the following information.

Inventory, January 1 29,000

Accounts payable, January 1 12,000

Accounts payable, August 31 6,000

Payments to suppliers 100,000

Freight in 10,000

Purchase returns and discounts 5,000

Sales from January to August 31 150,000

Sales returns 10,000

Sales discounts 4,000

Gross profit rate based on sales 20%

Goods purchased in transit FOB-SP on September 1 amounted to P4,000 while goods out on consignment were P2,400. Damaged materials can be solved at salvaged value of P1,000.

Required -

Compute the amount of net purchases?

Compute the cost of goods sold?

Compute the inventory loss due to the flood?

Reference no: EM133019030

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