Reference no: EM133253488
The proprietor of Patrick Company, has apprehensions of possible pilferage in merchandise inventory for December 12, 2016, he requested you to have test checks based on available information and report to him your findings. The following data were furnished to you:
| |
Prior year |
Current year |
| Physical inventory, at cost |
450,000 |
402,000 |
| Sales, net |
4,000,000 |
|
| Cost of sales |
2,400,000 |
|
| Account receivable, trade |
200,000 |
350,000 |
| Account payable, trade |
500,000 |
420,000 |
Additional information: In 2016, accounts receivable of P20,000 was written-off. Total sales returns were P10,000 and purchase returns, P30,000. Cash receipts from customers (after P30,000 discounts) totalled P6,000,000 while cash payments to trade creditors amounted to P4,000,000.
Assuming gross profit rate in 2016 is the same as in 2015, what is the amount of inventory shortage as of December 31, 2016? A. 220,000
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