Question
On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available: Sales, January 1 through
On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation. The following information is available:
Sales, January 1 through July 8 $689,000
Inventory, January 1 138,000
Purchases, January 1 through July 8 649,000
Gross profit ratio 29%
What is the estimated inventory on July 8 immediately prior to the fire?
Multiple Choice
- $297,810.
- $489,190.
- $298,610.
- $188,210.
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Management and Cost Accounting
Authors: Colin Drury
10th edition
1473748873, 9781473748910 , 1473748917, 978-1473748873
