Homework Answers
NOTE: The first question given is incomplete for want of more information.
ANSWER:
cost of goods sold = sales - gross profit
= $100000 - (25% x $100000) = $75000
and
Ending inventory = opening inventory + purchased - cost of goods sold
= $30000 + $90000 - $75000
= $45000
therefore,
amount of the theft loss = ending inventory that should have been - inventory on hand
= $45000 - $10000
= $35000
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