Allia Manufacturing, Inc. began operations 5 years ago. On September 11, 2021, a fire broke out in the warehouse destroying all inventories and many accounting records relating to the inventory. The information available is presented below. All sales and purchases are on account.

Determine the inventory loss suffered as a result of the fire?

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Jan. 1, 2021 Sept. 11, 2021 P 489,123 289,435 159,682 Inventory Accounts receivable Accounts payable Collections on accounts receivable, Jan. 1- Sept. 11 Payments to suppliers, Jan. 1 - Sept. 11 Goods out on consignment at Sept. 11, at Cost P298,061 147,910 634,231 390,123 67,474 Summary of previous years' sales: 2019 2018 2020 Sales P534,230 P690,420 P701,243 Gross profit 160,269 179,509 238,423 Jan. 1, 2021 Sept. 11, 2021 P 489,123 289,435 159,682 Inventory Accounts receivable Accounts payable Collections on accounts receivable, Jan. 1- Sept. 11 Payments to suppliers, Jan. 1 - Sept. 11 Goods out on consignment at Sept. 11, at Cost P298,061 147,910 634,231 390,123 67,474 Summary of previous years' sales: 2019 2018 2020 Sales P534,230 P690,420 P701,243 Gross profit 160,269 179,509 238,423