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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?
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The market price of the share is P90. The debit journal entry to record the stock dividend would be recorded at what amount
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