Question: Please show the SOLUTION IN A GOOD ACCOUNTING FORM. In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered

Please show the SOLUTION IN A GOOD ACCOUNTING FORM.

In its second year of operation, Painter Inc. noticed possible theft of its inventories. It gathered the following information from its operations: 1" Year 2nd year Purchases P 1,200,000 P 1,500,000 Freight-in 100,000 120,000 Purchase returns and allowance 50,000 60,000 Purchase discount 40.000 70,000 Sales 1,300,000 1800,000 Sales returns and allowance 100,000 250,000 Sales discount 120,000 150,000 Cost of sales 900,000 ??? If the physical ending inventory were valued at P325,000, how much is the estimated loss from inventory theft? Your

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