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You're tasked with estimating invenThe following information is available for Coswell Industries. Operating expenses amount to $25,240. Sales revenue is $257,640. Sales returns and allowances
You're tasked with estimating invenThe following information is available for Coswell Industries. Operating expenses amount to $25,240. Sales revenue is $257,640. Sales returns and allowances amount to $14,940. COGS is $153,420. A gain of $7,000 was realized on the sale of plant assets. Based on this, gross profit istory contained in a building that burned down to the ground. It was a total loss. You have the following information about the inventory: Beginning inventory (cost) $167,300; Purchases (gross) $580,800; Freight-in $32,100; Sales revenue $979,300; Sales returns $73,300; Purchase discounts $11,300. Estimate the cost of the damaged inventory for insurance claim purposes, assuming a gross profit of .20% of net sales
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