On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago S The following information was available from the entity's accounting office: P1,260,000 39,600 Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchases Discounts 300,000 26,400 46,200 1,320,000 Purchases Returns and Allowances Purchases Required: Compute the value of the lost merchandise.

On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago S The following information was available from the entity's accounting office: P1,260,000 39,600 Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchases Discounts 300,000 26,400 46,200 1,320,000 Purchases Returns and Allowances Purchases Required: Compute the value of the lost merchandise.

Name: On Feb. 18, 2020, a fire destroyed the merchandise inventory of Crist
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Description: On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago ShinThe following information was available from the entity's accounting office:Cost of Goods SoldTransportation InMerchandise Inventory, 1/1/2020P1,260,00039,600300,0

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...

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H. On Feb. 18, 2020, a fire destroyed the merchandise inventory of Cristina Santiago Shirts. The following information was available from the entity's accounting office: Cost of Goods Sold Transportation In Merchandise Inventory, 1/1/2020 Purchase Discounts P 1,260,000 39,600 300,000 Purchase Returns and Allowances Purchases 26,400 46,200 1,320,000 Required: Compute the value of the lost merchandise. (Ending Merchandise Inventory).
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ABC Corporation lost most of its inventory in a fire on April 10, 2020. Its books disclose following data: Inventory, January 1, 2020 Purchases in 2020 Purchases returns Sales Sales returns Purchases discounts Rate of gross profit on sales S180,000 400,000 30,000 650,000 25,000 10,000 30% Through the diligence of the local Fire Department, ABC was able to salvage and merchandise costing $4,000. Required: Calculate the amount of the loss from the fire, to be presented as a claim to th company. Show your computations.
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