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Determine the estimated cost of the missing inventory

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Reference no: EM132916267

Question - Your examination of DEC Company's inventory and related records revealed the following information:

Merchandise inventory January 1, 2020 P 450,000.00

Purchases for the year 2020 3,150,000.00

Sales for the year 2020 4,200,000.00

You conducted a physical on December 31, 2020 and determine P500,000 was in the company's warehouse. The company president suspects some new employees may have pilfered a portion of the merchandise inventory.

REQUIRED - Determine the estimated cost of the missing inventory, assuming DEC's gross profit remained constant at

1. 40% on sales

2. 40% on cost of sales

Reference no: EM132916267

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