Camil Company is engaged in buying and selling of cleansing products. The following transactions and...
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Camil Company is engaged in buying and selling of cleansing products. The following transactions and other information are available for the year ended December 31, 2017: At December 31, 2017, purchases costing Php 100,000 were in transit, FOB shipping point. 80% of purchases made were settled within the discount period. Required: Determine the estimated cost of inventory at December 31;2017, assuming that the company maintains sells its products allowing a 40% gross profit on sales
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