Question

You are called by BLANK of BLANK 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.

Inventory, July 1 $ 39,200

Purchases—goods placed in stock July 1–15 92,200

Sales revenue—goods delivered to customers (gross) 127,500

Sales returns—goods returned to stock 4,100

Your client reports that the goods on hand on July 16 cost $33,100, but you determine that this figure includes goods of $5,900 received on a consignment basis. Your past records show that sales are made at approximately 30% over cost. BLANK’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=

Answer 1

Thank you

Calculaticn o Claim agamst Mruoran ce Compamy Opemmy inuemtay 3920 $92200 Purchases $ 131400 Gods availabe at Cast 4) Sales $ 127500 4100) Sales oetusms $12340 uet Sales ($ 28477) 123y00 x 30 94923 13S net Sales at Caut (B) imuemty E shimated at cast $ 3647 (A- B) Less Goods m Hamd 27200 (33 loo-59a) Clarm against Imsiwrane $4277 D36-2720

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