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Compute the Clarett Lantern inventory as of January

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Reference no: EM132757098

Question - The following information was obtained from the Clarett Lantern Company's 2020 accounting records:

Net sales - 2020 P1,560,000

Inventory - December 2020 125,000

Net purchases -2020 1,198,000

Gross profit percentage based on cost 25%

Required - Compute the Clarett Lantern's inventory as of January 1, 2020?

a. P75,000

b. P175,000

c. P153,000

d. P97,000

Reference no: EM132757098

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