Question
On July 8, a fire destroyed all of Larrenaga Wholesale Corporation's merchandise inventory.The following information is available: Sales, from January 1 to July 8 $700,000
| Sales, from January 1 to July 8 | $700,000 |
| Inventory, January 1 | 130.000 |
| Shopping, from January 1 to July 8 | 640.000 |
| gross profit ratio | 30% |
What is the estimated inventory on July 8 immediately prior to the fire?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
