Nida's shoes in marikina was flooded during the monsoon rains on the first week of August. Of her inventory only raw materials P20000, finished goods normally selling at P30000 were salvaged. Profit is 30% of cost the beginning inventories are as follows raw materials P15000, work in process P32000, finished goods P12000.The trial balance for July shows the following:Sales P150000, Purchases P80000, Salary and Wages P150000. Of the salaries and wages 60% is for direct labor, 25% is indirect labor and the rest is administrative. Overhead is computed at 80% of direct labor.if her is insured up to P100000, HOW MUCH WILL BE THE LOSS DUE TO FLOOD?

Merchandise with invoice price 50000 was taken from the company warehouse on December 27, 2011and was stamped "received" on January 5, 2012. It was not included in the physical count on December 31, 2011.Freight amounting to P1000 was paid by the company on December 27, 2011. If the journal entry on December 27, 2011 is Accounts receivable P50000(dr), Freight P1000(dr) , Sales P50000(cr) Cash(cr), DETERMINE THE CORRECT JOURNAL ENTRIES ON DECEMBER 31, 2011 AND JANUARY 5, 2012 FOR EACH OF THE FOLLOWING SCENARIOS.