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Compute the estimated value of inventory damaged

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Reference no: EM133041594

PROBLEM - You were given the following data - Fire occurred at the factory of Burny Corporation on February 16, 2020 which damaged its merchandise inventory.

Inventory, January 1, 2010 P400,000, Sales (including sales delivered still in transit FOB shipping point, P50,000) P980,000, Purchases (including those still in transit, Shipped FOB shipping point P40,000, Shipped FOB destination, P35,000) P700,000. The merchandise saved from fire was estimated to be P8,500. Burny Corporation's policy is to add 40% on its cost.

Compute the estimated value of inventory damaged by fire. Present solutions in good accounting form.

Reference no: EM133041594

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