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What is the correct profit for the year ended december

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Reference no: EM132765992

Examination of the records of Dream High Company for the year ended December 31, 2020 revealed the following:

  • During 2020, Dream High received P40,000 as cash advance from a customer for merchandise to be manufactured and shipped during 2021. The P40,000 was credited to sales revenue.
  • Inventory on January 1, 2020 was overstated by P71,000.
  • Inventory on December 31, 2020 was understated by P96,000.
  • Profit (before adjustments) reported on the 2020 profit or loss was P658,000.

Problem 1: What is the correct profit for the year ended December 31, 2020?

Reference no: EM132765992

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