Question
Sunland Company reported the following information for November and December 2020. November December Cost of goods purchased$531,000$605,000Inventory, beginning-of-month128,000164,840Inventory, end-of-month164,840????Sales revenue852,0001,000,000 Sunland's ending inventory at December
Sunland Company reported the following information for November and December 2020.
November
December
Cost of goods purchased$531,000$605,000Inventory, beginning-of-month128,000164,840Inventory, end-of-month164,840????Sales revenue852,0001,000,000
Sunland's ending inventory at December 31 was destroyed in a fire.
Using the gross profit rate for November, determine the estimated cost of inventory lost in the fire
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
17th edition
978-0273778172, 027377817X, 978-1292080505
