Question
9. On March 17, 2011, a flood destroyed the entire inventory of Beatty Co. The following information is available from its accounting records: Inventory, January
9. On March 17, 2011, a flood destroyed the entire inventory of Beatty Co. The following information is available from its accounting records:
Inventory, January 1, 2011 208,000
Purchases, Jan 1 - Mar 17 420,000
Sales, Jan 1 - Mar 17 600,000
Normal gross margin 40%
Compute the estimated cost of inventory lost in the flood.
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Financial Accounting
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
8th edition
978-1118953907, 9781118953808, 1118953908, 1118953800, 978-1119491057
