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TOPIC - INVENTORIESSUBJECT - INTERMEDIATE ACCOUNTING - Jazi reported the following information for the current year:
Beginning inventory 5 000 000
Purchases 26 000 000
Freight In 2 000 000
Purchase Returns and Allowances 3 500 000
Purchase Discounts 1 500 000
Sales 40 000 000
Sales Returns 3 000 000
Sales allowance 500 000
Sales Discounts 1 000 000
A physical inventory taken at year-end resulted in an ending inventory of P 4 000 000. At year-end, unsold goods out on consignment with a selling price of P 1 000 000 are in the hands of a consignee. The gross profit was 40% on sales.
Required -
1. What is the cost of goods available for sale? Is it 28,000,000?
2. What is the estimated cost of inventory shortage?
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