PROBLEM 20: The work in process inventory of San Marino Company were completely destroyed by fire on June 1, 2021. You were able to establish physical inventory figures as follows: 1/1/2021 P 60,000...

Required: The work in process inventory destroyed by fire is:

Extracted text: PROBLEM 20: The work in process inventory of San Marino Company were completely destroyed by fire on June 1, 2021. You were able to establish physical inventory figures as follows: 1/1/2021 P 60,000 200,000 6/1/2021 P 120,000 Raw materials Work in process Finished goods 280,000 240,000 Sales from January 1 to May 31 were P546,750. Purchases of raw materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters that an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory overhead. 26. The work in process inventory destroyed by fire is: