You are called by Yao Ming of Rocket Ltd. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available (amounts in thousands).
Inventory, July 1..............................................¥ 38,000
Purchases-goods placed in stock July 1-15...............90,000
Sales-goods delivered to customers (gross)..............116,000
Sales returns-goods returned to stock.......................4,000
Your client reports that the goods on hand on July 16 cost ¥30,500, but you determine that this figure includes goods of ¥6,000 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Rocket's insurance covers only goods owned.
Instructions
Compute the claim against the insurance company.