Question
Sage Corporations April 30 inventory was destroyed by fire. January 1 inventory was $160,600, and purchases for January through April totaled $474,000. Sales revenue for
Sage Corporations April 30 inventory was destroyed by fire. January 1 inventory was $160,600, and purchases for January through April totaled $474,000. Sales revenue for the same period were $669,900. Sages normal gross profit percentage is 30% on sales. Using the gross profit method, estimate Sages April 30 inventory that was destroyed by fire.
Estimated ending inventory destroyed in fire
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Cima Official Exam Practice Kit Fundamentals Of Ethics Corporate Governance And Business Law Certificate In Business Accounting
Authors: Larry Mead
4th Edition
1856177092, 978-1856177092
