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You are called by Tim Duncan of Riverbed Co.on July 16 and asked to prepare a claim for insurance as a result of a theft
You are called by Tim Duncan of Riverbed Co.on July 16 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. $ 35,700 Inventory, July 1 86.200 Purchases-goods placed in stock July 1-15 115.100 Sales revenue-goods delivered to customers (gross) 3.800 Sales returns-goods returned to stock Your client reports that the goods on hand on July 16 cost $32,800, but you determine that this figure includes goods of $5,400 received on a consignment basis. Your past records show that sales are made at approximately 25% over cost. Duncan's insurance covers only goods owned. Compute the claim against the insurance company. (Round ratios for computational purposes to 2 decimal places, e.g. 78.73% and final answer to 0 decimal places, e.g. 28,987.) $ Claim against the insurance company 9:16 PM
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