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What is the inventory on january for gunther company

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Reference no: EM132674402

Problem 1: GUNTHER Company provided the following information: Cash sales - P320,000; Cash collected on accounts receivable - P2,200,000; Accounts Receivable, Jan 1 - 550,000; Accounts receivable, Dec 31 - P475,000; Bad debts written off -P30,000; Purchases - P1,750,000; Inventory, Dec 31 - P420,000; Gross profit on cost - 20%. What is the inventory on January 1?

Reference no: EM132674402

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