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PT. HARMONIKA on September 1, 2007 experienced a fire which consumed all goods in the warehouse. The following is information regarding the accounting records that
PT. HARMONIKA on September 1, 2007 experienced a fire which consumed all goods in the warehouse. The following is information regarding the accounting records that the company can save. Inventories as of January 1, 2007. IDR 500,000.00 Transactions during 1 January-1 September 2007: Purchase ................................................. ...... 1,350,000.00 Purchase Discount ....................................... 100,000.00 Purchase return ................................................ 150,000.00 Sales ................................................. ...... 3,000,000.00 Discounts of Sales ...................................... 250,000.00 Sales Returns .............................................. 150,000, 00 Purchase Transportation Costs. 125,000.00 General Administration Fee........400,000.00 Selling Costs .............................................. 250,000, 00 Estimated Gross Profit Rate. 40% Determine the amount of inventory burned on September 1, 2007, if the company uses the gross profit method to estimate the total merchandise inventory value
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