Question
WILL RATE! Gross profit method. On December 31, 2018 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively.
WILL RATE!
Gross profit method. On December 31, 2018 Felt Company's inventory burned. Sales and purchases for the year had been $1,500,000 and $980,000, respectively. The beginning inventory (Jan. 1, 2018) was $170,000; in the past Felt's gross profit has averaged 30% of selling price. Instructions Compute the estimated cost of inventory burned.
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Hotel And Restaurant Accounting
Authors: Cole Raymond
8th Edition
0866125531, 9780866125536
