Question
A casualty destroyed a store's inventory. The inventory was not insured. The following data are available through May 21, the date of the casualty. Sales,
A casualty destroyed a store's inventory. The inventory was not insured. The following data are available through May 21, the date of the casualty.
Sales, January 1 through May 21 $550,195
Inventory, January 1 100,000
Purchases, January 1 through May 21 525,018
Markup on cost 25%
Estimate the inventory loss.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
