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How much is the true cost of the inventory destroyed

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Question - Taken Company adds a markup of 20% of cost on all merchandise shipped to the branch. It is then sold by the branch at 25% above billed price. However, on February 24, 2021, typhoon Jolina destroyed the warehouse of the branch as well as all the inventory items on hand. The company did not have any insurance policies on both the warehouse and the inventory items. Inspection of the books maintained by the branch revealed the following information:

Merchandise Inventory, January 1 P24,000

Shipments from Home Office 18,000

Sales 18,750

Sales Return 2,250

Required - How much is the true cost of the inventory destroyed by the fire?

Reference no: EM133107368

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