Question
Lin Company sold merchandise at a gross profit of 30%. On June 30, the entire inventory was destroyed by fire. The entity provided the following
| Lin Company sold merchandise at a gross profit of 30%. On June 30, the entire inventory was destroyed by fire. The entity provided the following information for the six months ended June 30: | ||
| Net Sales | 8,000,000 | |
| Beginning inventory | 2,000,000 | |
| Net purchases | 5,200,000 | |
| What is the estimated cost of the destroyed inventory? | ||
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Introductory Accounting Finance And Auditing For Lawyers
Authors: Lawrence Cunningham
7th Edition
1634604105, 9781634604109
