Answer format: a. Amount- PHP 10,500 b. Gain/ increase- PHP 10,500 c. Loss/ decrease- (PHP 10,500) d. Debit amount- PHP 10,500- DEBIT e. Credit amount- PHP 10,500- CREDIT f. Shortage or Overage-PHP 10,500- SHORTAGE orPHP 10,500- OVERAGE g. Rate- 10%

You audit of Pass Company for the year 2020 disclosed the following: 1. The December 31 inventory was determined by a physical count on December 28 and based on such count, the inventory was recorded by: Inventory 1,400,000 Cost of sales 1,400,000 2. The 2020 ledger shows a sales balance of P20,000,000. 3. The company sells a mark-up of 20% based on sales. 4. The company recognizes sales upon passage of title to the customers. 5. All customers are within a four-day delivery area. The sales register for December, 2020 and January, 2021, showed the following details: December Register Invoice No. FOB Terms Date Shipped Amount 300 Destination 12/30 P 50,000 301 Shipping point 12/30 62,500 1302 Destination 12/23 47,500 303 Destination 12/24 82,500 304 Shipping point 01/02 56,000 305 Shipping point 12/29 90,000 January Register Invoice No. FOB Terms Date Shipped Amount 306 Destination 12/29 67,500 307 Shipping point 12/29 74,500 308 Destination 01/02 140,000 309 Shipping point 01/04 73,000 310 Shipping point 12/27 67,500