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What was the cost of inventory destroyed by the fire

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Problem 1: A fire destroyed Newman Company's inventory on October 31. On January 1, the inventory had a cost of P2,500,000. During the period January 1 to October 31, the entity had Purchases of P8,900,000; purchase allowance - P1,400,000 and net sales of P15,750,000. Undamaged inventory at the date of fire had a cost of P200,000. The markup on cost is 75%. What was the cost of inventory destroyed by the fire?

Reference no: EM132674400

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