Question
A fire destroys all of the merchandise of Concord Company on February 10, 2017. Presented below is information compiled up to the date of the
A fire destroys all of the merchandise of Concord Company on February 10, 2017. Presented below is information compiled up to the date of the fire.
| Inventory, January 1, 2017 | $420,400 | ||
| Sales revenue to February 10, 2017 | 1,946,800 | ||
| Purchases to February 10, 2017 | 1,196,900 | ||
| Freight-in to February 10, 2017 | 56,150 | ||
| Rate of gross profit on selling price | 35% |
What is the approximate inventory on February 10, 2017?
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Auditing And Other Assurance Services
Authors: Alvin Arens, James Loebbecke, W Lemon, Ingrid Splettstoesser
9th Canadian Edition
0130091243, 978-0130091246
