Question
On April 15 of the current year, a fire destroyed half of the uninsured ending inventory of a retail store. the following data is available:
On April 15 of the current year, a fire destroyed half of the uninsured ending inventory of a retail store. the following data is available:
Sales, January 1 through April 15 $480,000
Inventory, January 1 80,000
Purchases, January 1 through April 15 400,000
Mark up on cost 25%
- what is the markup on sale?
- what is the cost of goods sold?
- what is the amount of the ending inventory before the fire?
- what is the estimated inventory loss?
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Managerial Accounting
Authors: Ray H Garrison, Alan Webb, Theresa Libby
11th Canadian Edition
1259275817, 978-1259275814
