Question 8 of 9 View Policies

The inventory of Ayayai's Merchandise Company was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the vear were obtained: Sales $95,000; Sales Returns and Allowances $1,500; Sales Discounts $1,000; Delivery Expense \$2,500; Purchases \$52,000; Freight In \$2.600; Purchase Returns and Allowances \$2,800; and Purchase Discounts $1,300. Determine the imventory lost by fre, assuming a beginning inventory of $25,200 and a gross profit margin of 40%. Inventory lost by fire $ The inventory of Ayayai's Merchandise Company was destroved by fire on June 1 . From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales $95,000, Sales Returns and Allowances $1,500, Sales Discounts $1,000; Delivery Expense $2,500; Purchases $2,000; Freight In $2,600; Purchase Returns and Allowances $2,800; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,200 and a gross profit margin of 40%. Inventory lost by fire 5