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tai 10. Howard's Supply Co. suffered a fire loss on May 1st, 2016. The company's last physical inventory was taken March 31, 2016, at which
tai 10. Howard's Supply Co. suffered a fire loss on May 1st, 2016. The company's last physical inventory was taken March 31, 2016, at which time the inventory totaled $220,000. Sales for April were $650,000 and purchases during that time were $450,000. Howard's consistently reports a 35% gross profit. The estimated ending inventory that was loss in the fire is: a. $450,000. b. $247,500. c. $227,000. d. $422,500 
10. Howard's Supply Co. suffered a fire loss on May 1st, 2016. The company's last physical inventory was taken March 31, 2016, at which time the inventory totaled $220,000. Sales for April were $650,000 and purchases during that time were $450,000. Howard's consistently reports a 35% gross profit. The estimated ending inventory that was loss in the fire is: a. $450,000. b. $247,500. c. $227,000, d. $422,500
tai 10. Howard's Supply Co. suffered a fire loss on May 1st, 2016. The company's last physical inventory was taken March 31, 2016, at which time the inventory totaled $220,000. Sales for April were $650,000 and purchases during that time were $450,000. Howard's consistently reports a 35% gross profit. The estimated ending inventory that was loss in the fire is: a. $450,000. b. $247,500. c. $227,000. d. $422,500
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
