Answer
Beginning inventory | $163,800 | |
Purchase | $420,400 | |
Purchase returns | ($31,600) | $388,800 |
Cost of Goods available for sale | $552,600 | |
Sales | $666,700 | |
Sales return | ($22,600) | $644,100 |
Gross Profits | $128,820 | |
Cost of Goods Sold | [$644100 - 128820] | $515,280 |
Ending Inventory | [$ 552600 - 515280] | $37,320 |
Cost of Undamaged inventory | [$ 20800 x 80%] | ($16,640) |
Amount of the loss | $20,680 ANSWER |
Flounder Company lost most of its inventory in a fire in December just before the year-end...
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