On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale Corporation....
On July 8, a fire destroyed the entire merchandise inventory on
hand of Larrenaga Wholesale Corporation. The following information
is available:
| Sales, January 1 through July 8 | $ | 700,000 | |
| Inventory, January 1 | 132,000 | ||
| Purchases, January 1 through July 8 | 642,000 | ||
| Gross profit ratio | 22 | % | |
What is the estimated inventory on July 8 immediately prior to the
fire?
Multiple Choice
-
$141,240.
-
$546,000.
-
$229,200.
-
$228,000.
Homework Answers
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On July 8, a fire destroyed the entire merchandise inventory on
hand of Larrenaga Wholesale Corporation....
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inventory. on hand as of january 1 totaled $2680000. From january
through the time of the fire, the company made purchases of $636000
and had sales of $1408000. Assuming the rate of gross profit to
selling price is 40%, what is the approximate value of the
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