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What is the estimated inventory loss on August

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Question - On August 15, 2021, a hurricane damaged a warehouse of Honest Goods Merchandising. The entire inventory and many accounting records stored in the warehouse were completely destroyed. Although the inventory was not insured, a portion could be sold for scrap. Through the use of microfilm records, the following data are assembled:

Inventory, January 1 P375,000

Purchases, January 1 - August 15 1,385,000

Salvage value of inventory 5,000

Gross Profit percentage on sales 32%

Credit sales P2,205.000

Cash Sales 225,000

Using the information given above, what is the estimated inventory loss on August 15?

Reference no: EM133143487

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