Question
3. A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the following: (1) Inventory, January
| 3. | A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the following:
(1) Inventory, January 1: $154,000 (2) Purchases: 320,000 (3) Sales: $500,000
The company's gross profit rate was 30%. Calculate the estimated value of the destroyed inventory. |
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Computer Accounting With QuickBooks 2021
Authors: Donna Kay
20th Edition
1264069197, 9781264069194
