On oct 15, 2014 a fire destroyed all the stock of equipment of modern Equipment Center in its rented stockroom. The records of the firm show the following information
2020
2019
2018
2017
Sales
P925,000
P880,000
P790,000
P710,000
Cost of sales
758,500
739,200
679,400
624,800
Gross profit
P1,66,500
P140,000
P110,600
P85,200
Inventory January 1 2021
P130,500
Sales January 1 to October 15, 2021
960,000
Sales returns and allowances
15,000
Purchases January 1to October 15, 2021
890,000
Purchases returns and allowances
12,000
Cost of stock in display room not destroyed
85,000
How much is the estimated cost of merchandise lost in the fire of October 15, 2020?
P120,250
P148,600
P167,500
P252,500
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