Reference no: EM132566133
Question - On October 1,20x1, the warehouse of ABC Co. and all inventories contained therein were damaged by flood. Off-site back up data base shows the following information:
Inventory, Jan. 1 14,500
Accounts payable, Jan. 1 6,000
Accounts payable, Sept. 30 3,000
Payment to suppliers 50,000
Freight-in 5,000
Purchases returns and discounts 2,500
Sales from Jan. to Sept. 75,000
Sales returns 5,000
Sales discounts 2,000
Gross profit rate based on sales 20%
Additional information: Goods in transit as of October 1,20x1 amounted to P2,000, cost of goods out consignment is P1,200, and materials damaged by flood can be sold at a salvage value of P500.
Required - How much is the inventory loss due to the flood?
a. P8,200
b. P6,800
c. P7,200
d. P7,800
e. Answer not given
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