Reference no: EM132954414
Question - The inventory records of Budak Inc. disclosed the following data for the month of January 2020:
Beginning inventory - at cost P630,000
Beginning inventory - at retail value 1,050,000
Purchases - at cost 420,000
Purchases - at retail value 735,000
Net sales amounted to P1,050,000; markdowns amounted to P105,000. During the month, the sales manager increased the selling price of 1,600 pieces of T-shirts by P50.00 because of the increase in demand. This increase was subsequently canceled on the remaining 300 pieces. The physical inventory on January 31, 2020 was P665,000 at retail value.
How much is the inventory shortage at retail value on January 31, 2020?
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