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Jewel Plc sells Jewelries across three principal lines of merchandise with these varying rates of gross profit on cost. On 1 October 2022, a fire
Jewel Plc sells Jewelries across three principal lines of merchandise with these varying rates of gross profit on cost. On 1" October 2022, a fire destroyed the whole building of the business premises. To file a report of loss for insurance purposes, the company must know what the inventories were immediately preceding the fire. No detail or perpetual inventory records of any kind were maintained. The only pertinent information you are able to obtain is the following facts from the general ledger, which was kept in a fireproof vault and escaped destruction REQUIRED: Submit your estimate of the inventory amounts immediately preceding the fire (use two decimal places for calculations)
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