Question
A fire destroys all of the merchandise of Waterway Company on February 10, 2020. Presented below is information compiled up to the date of the
A fire destroys all of the merchandise of Waterway Company on February 10, 2020. Presented below is information compiled up to the date of the fire.
| Inventory, January 1, 2020 | $379,900 | ||
| Sales revenue to February 10, 2020 | 1,961,200 | ||
| Purchases to February 10, 2020 | 1,193,730 | ||
| Freight-in to February 10, 2020 | 57,810 | ||
| Rate of gross profit on selling price | 40% |
What is the approximate inventory on February 10, 2020?
| Inventory at February 10, 2020 | $ |
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Wiley CPA Exam Review Auditing And Attestation 2011
Authors: Patrick R. Delaney, O. Ray Whittington
8th Edition
0470554347, 978-0470554340
