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if someone can help! thanks! I'm really stuck on this one! Problem 6-14A Estimating ending inventory-gross profit method LO6 Quebec Traffic Company had a fire
if someone can help! thanks! I'm really stuck on this one!
Problem 6-14A Estimating ending inventory-gross profit method LO6 Quebec Traffic Company had a fire on March 10, 2023, that destroyed a major portion of its Inventory. The salvaged accounting records contained the following Information: Sales, January 1 to March 10 305, 608 Net merchandise purchased January 1 to March 10 137,498 Additional information was determined from the 2022 annual report: Income statement: Sales $ 3,200,090 Cost of goods sold 2,080, 090 Balance sheet: Merchandise inventory 249, 109 Quebec Traffic was able to salvage inventory with a cost of $105,309. Required: Determine the amount of Inventory lost by Quebec Traffic as a result of the fire. Quebec Traffic has a December 31 year-end. (Round the "Gross profit ratlo" to the nearest whole percent.) Amount of inventory lostStep by Step Solution
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