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You are called by the CFO of Bramble Co. on March 9 and asked to prepare a claim for insurance as a result of a
You are called by the CFO of Bramble Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available: Your client reports that the goods on hand on March 9 cost $23,300, but you determine that this figure includes goods of $7,000 received on a consignment basis. Your past records show that sales are made at approximately 22% over cost. Bramble's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal ploces, es. 78.73% and final answer to O decimal places, eg. 28,987.) Claim against the insurance company You are called by the CFO of Bramble Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available: Your client reports that the goods on hand on March 9 cost $23,300, but you determine that this figure includes goods of $7,000 received on a consignment basis. Your past records show that sales are made at approximately 22% over cost. Bramble's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal ploces, es. 78.73% and final answer to O decimal places, eg. 28,987.) Claim against the insurance company
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