Difficult. On Dec. 31, a physical inventory revealed that the ending inventory was only P100,000. IVE’s gross profit on net sales has remained constant at 40% in recent years. The company suspects that some inventory may have been stolen. At Dec. 31, how much is the estimated missing inventory?
Gross Profit and Retail Method

Quiz
•
Business
•
University
•
Hard
John Servidad
Used 22+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 2 pts
P26,000
P30,000
P28,000
P32,000
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the cost of goods available for sale?
28,000,000
31,000,000
33,000,000
29,500,000
30,500,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
What is the cost of goods sold?
21,900,000
22,200,000
21,300,000
24,000,000
1,200,000
4.
MULTIPLE CHOICE QUESTION
2 mins • 2 pts
What is the estimated cost of inventory shortage?
21,900,000
22,200,000
21,300,000
24,000,000
1,200,000
5.
MULTIPLE CHOICE QUESTION
2 mins • 2 pts
What is the inventory on December 31, 2014?
2,370,000
2,025,000
2,505,000
2,730,000
6.
MULTIPLE CHOICE QUESTION
2 mins • 2 pts
The gross margin is 40% of sales. What is the cost of goods available for sale?
1,680,000
1,920,000
2,400,000
2,440,000
7.
MULTIPLE CHOICE QUESTION
2 mins • 2 pts
What is the gross profit rate on cost for the current year?
25 percent
33 1/3 percent
75 percent
66 2/3 percent
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