Question
Teal Corporations April 30 inventory was destroyed by fire. January 1 inventory was $146,000, and purchases for January through April totaled $493,700. Sales revenue for
Teal Corporations April 30 inventory was destroyed by fire. January 1 inventory was $146,000, and purchases for January through April totaled $493,700. Sales revenue for the same period were $653,100. Teals normal gross profit percentage is 30% on sales.
Using the gross profit method, estimate Teals April 30 inventory that was destroyed by fire.
| Estimated ending inventory destroyed in fire |
| $
|
|
|
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
