Question
A fire destroys all of the merchandise of Whispering Company on February 10, 2022. The following is information compiled up to the date of the
A fire destroys all of the merchandise of Whispering Company on February 10, 2022. The following is information compiled up to the date of the fire.
| Inventory, January 1, 2022 | $393,500 | ||
| Sales to February 10, 2022 | 1,805,900 | ||
| Purchases to February 10, 2022 | 1,192,520 | ||
| Freight-in to February 10, 2022 | 64,430 | ||
| Rate of gross profit on selling price | 25% |
What is the approximate inventory on February 10, 2022?
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
8th Edition
9781439044612, 1439044619, 978-1111626822
