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Question - On Oct. 31, 2019, a flood at ALEM Company's only warehouse caused severe damage to its entire inventory. Based on recent history, ALEM has a gross profit of 25% of sales. The following information is available from ALEM's records for ten months ended Oct. 31, 2019:
Inventory, Jan. 1 520,000
Purchases 4,120,000
Purchase returns 60,000
Sales 5,600,000
Sales returns 400,000
Sales allowances 100,000
A physical inventory disclosed usable damaged goods which ALEM estimates can be sold for P70,000.
Required - Using the gross profit method, determine the estimated cost of goods sold for the ten months ended Oct. 31, 2019?
There are 16 units of the item in the physical inventory at December 31. Determine the inventory cost by the weighted average cost method
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