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Problem - In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered the following information from its operations:
1st year
2nd year
Purchases
P1,200,000
P1,500,000
Freight-in
100,000
120,000
Purchase returns and allowance
50,000
60,000
Purchase discount
40,000
70,000
Sales
1,300,000
1800,000
Sales returns and allowance
250,000
Sales discount
150,000
Cost of sales
900,000
?
If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft?
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