Question 12

The inventory of Concord Corporation was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $51,000, Sales Returns and Allowances $1,300, Purchases $33,500, Freight-In $1,200, and Purchase Returns and Allowances $1,800. Determine the merchandise lost by fire, assuming: X Your answer is incorrect. A beginning inventory of $20,500 and a gross profit rate of 45% on net sales. Estimated cost of merchandise lost $ 20500 eTextbook and Media * Your answer is incorrect. A beginning inventory of $35,500 and a gross profit rate of 30% on net sales. Estimated cost of merchandise lost $ 32500