Solution-Determine the cost of the merchandise lost in the

Determine the cost of the merchandise lost in the fire

Reference no: EM132865138

Question - On August 31, 2018, a fire destroyed totally the rented "bodega" or stockroom of the Company. The following are some of the data of the company:

Merchandise inventory, December 31, 2017 P110,000

For the period Jan.1 to Aug. 31, 2018:

Purchases 560,500

Freight-in 5,600

Purchase returns 10,200

Sales 695,000

Sales returns and allowances 7,500

Using a gross profit rate of 20%, determine the cost of the merchandise lost in the fire?

A. P90,700

B. P115,900

C. P88,400

D. P63,200

Reference no: EM132865138

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Determine the cost of the merchandise lost in the fire

Reference no: EM132865138

Reference no: EM132865138

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