Question
A fire destroys all of the merchandise of Assante Company on February 10, 2014. Presented below is information compiled up to the date of the
A fire destroys all of the merchandise of Assante Company on February 10, 2014. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2014 $400,000
Sales revenue to February 10, 2014 1,950,000
Purchases to February 10, 2014 1,140,000
Freight-in to February 10, 2014 60,000
Rate of gross profit on selling price 40% .
1. What is the approximate inventory on February 10, 2014?
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Core Concepts Of Accounting
Authors: Leslie K. Breitner, Robert N. Anthony
10th Edition
0136029442, 9780136029441
