Determine the unit value for each product applying the lower of cost and net realizable value in measuring inventory. 9. On the eve of June 15, 2019, a fire destroyed the entire merchandise inventory of Chronic Merchandising Corporation. The merchandise was not insured with any insurance company. The followinglataweregathered Inventory, January 1 P 250,000 PurchasesJanuaryl to June15 1,500,000 SalesJanuary1 to June15 2,000,000 Markuppercentagen cost 25% Whatis the approximatenventorylossas a resultof the fire? 10. The following information appears in Davila Company's records for the year ended December1, 2019 Inventory, January 1, P 325,000; Purchases, P 1, 150,000; Purchase returns, P 40,000; Freight in, P 30,000; Sales, P 1,700,000; Sales discounts, P 10,000; Sales returns, P15,000 On December1, the companyconducted physicalinventorywhichrevealedhatthe ending inventorywasonlyP 210,000 Davila'sgrossprofiton netsaleshasremainedconstantat 30% in recent years. Davila suspects that some inventory may have been pilfered by one of the company's employees. Howmuchis the estimatedcostof missinginventoryon December 1? 11. On December 24, 2019, a fire destroyed totally the raw materials bodega of Weary Manufacturing Co. there were no purchases of raw materials from the time of the fire until December1, 2019 Inventories Jan 1, 2019 Dec 31, 2019 Rawmaterials P 180,000 ? Factorysupplies 12,000 P 10,000 Goodsin process 370,000 420,000 Finishedgoods 440,000 450,000 Theaccountingecordsshowthe followinglata Sales P 2,400,000 Purchaseof rawmaterials 800,000 Purchaseof factorysupplies 60,000 Freightin rawmaterials 30,000 Directlabor 440,000 Manufacturingverhead75% of directlabor grossprofitrate, 35% of sales Whatis the costof the rawmaterialsdestroyedby the fire? 12. Presentebelowis informationelatedto CarnationIncorporation Cost Retail Inventory, January 1, 2019 P 250,000 P 390,000 Purchases 914,500 1,460,000 Purchasereturns 60,000 80,000 Purchasediscounts 18,000 -0- Grosssales -0- 1,260,000 Salesreturns -0- 97,500 Markups -0- 120,000 Markupcancellations -0- 40,000 Markdowns -0- 45,000 Markdowicancellations -0- 20,000 Freightin 79,000 -0- Employeediscountggranted -0- 8,000 Lossfrombreakage - 0- 2,500 Required: Computehecostof the endinginventoryusing