In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered...

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In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered the following information from its operations: Purchases Freight-in Purchase returns and allowance Purchase discount 1 Year P 1,200,000 100,000 50,000 40,000 2nd year P 1,500,000 120,000 60,000 70,000 1800,000 250,000 150,000 Sales Sales returns and allowance Sales discount 120,000 Cost of sales 900,000 ??? If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft? 1,300,000 100,000 In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered the following information from its operations: Purchases Freight-in Purchase returns and allowance Purchase discount 1 Year P 1,200,000 100,000 50,000 40,000 2nd year P 1,500,000 120,000 60,000 70,000 1800,000 250,000 150,000 Sales Sales returns and allowance Sales discount 120,000 Cost of sales 900,000 ??? If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft? 1,300,000 100,000