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Homework answers / question archive / Gecelle Company reported during the current year:  Beginning inventory 500,000 Net purchases 2,500,000 Net sales 3,200,000     A physical count at year-end resulted in an inventory of P575, 000

Gecelle Company reported during the current year:  Beginning inventory 500,000 Net purchases 2,500,000 Net sales 3,200,000     A physical count at year-end resulted in an inventory of P575, 000

Economics

Gecelle Company reported during the current year: 
Beginning inventory 500,000
Net purchases 2,500,000
Net sales 3,200,000 
  
A physical count at year-end resulted in an inventory of P575, 000. The gross profit on sales had remained constant at 25%. 
The entity suspected that some inventory may have been taken by a new employee. 
What is the estimated cost of missing inventory at year-end? 
 

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