Homework Answers
1. Let the value of inventory be x.
Inventory partially damaged = 1-(1/8) = 7/8 th of x
Partially damaged inventory sold for 4/5 of price which amounts to
$3800
Therefore, four-fifth of seven-eights of x = $3800
or, (4/5)*(7/8)*x = $3800
7x/10 = 3800
x = 3800*10/7 = $ 5429
(a) value of inventory destroyed = 1/8th of $5429 = (1/8)*5429= $
679
(b) value of inventory before fire = x = $5429
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Interest expense was $18,000.
5.
The income tax rate is 30%.
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