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What is the estimated cost of missing inventory

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Custom Company provided the following information for the year ended December 31, 2019; Inventory, Jan 1 - P650,000; Purchases - P2,300,000; Purchase discounts - P50,000; Purchase returns - P30,000; Freight In - P60,000; Freight out - P20,000; Sales - P3,400,000; Sales discounts - P20,000; Sales returns - P30,000.

Problem 1: On December 31, 2019, a physical inventory revealed that the ending inventory was only P400,000. The gross profit on sales has remained constant at 30% in recent years. The entity suspects that some inventory may have been pilfered by one of the entity's employees. On December 31, 2019, what is the estimated cost of missing inventory?

Reference no: EM132674399

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