Reference no: EM132613425
On December 31, 2020, a fire destroyed most of the merchandise inventory of an entity. All goods were completely destroyed except for partially damaged goods that normally sell for P100,000 and that had an estimated net realizable value of P25,000 and undamaged goods that normally sell for P300,000.
Inventory, January 1, 2020 600,000
Net purchases for 2020 4,300,000
Net sales for 2020 5,600,000
Total 2019 2018 2017
Net sales 9,000,000 5,000,000 3,000,000 1,000,000
Cost of goods sold 6,750,000 3,840,000 2,200,000 710,000
Gross income 2,250,000 1,160,000 800,000 290,000
Problem 1: What is the estimated amount of fire loss on December 31, 2020?
a. 700,000
b. 675,000
c. 450,000
d. 400,000
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