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Skysong lumber company handles three principal lines of merchandise with these varying rates of gross profit on cost Lumber 2 5 % Millwork 3 0
Skysong lumber company handles three principal lines of merchandise with these varying rates of gross profit on cost Lumber Millwork Hardware and fittings on august a fire destroyed the office, lumber shed, and a considerable portion of the lumber stacked in the yard. to file a report of loss fo insurance purposes, the company mist know what the inventories were immediately preceding the fire. no detail or perpetual inventory records of any kind were maintained. the only pertinent information you arer able to obtain are the following facts from the general ledger, which was kept in a fireproof vault and thus escaped destruction Inventory Jan lumber millwork hardware purchases to Aug. sales revenue to aug submit your estimate of the inventory amounts immediately preceding the fire
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