On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as...
- On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3,300,000. From January 1 through the time of the fire, the company made purchases of $1,366,000, incurred freight-in of $156,000, and had sales of $2,420,000. Assuming the rate of gross profit to selling price is 30%, what is the approximate value of the inventory that was destroyed?
Homework Answers
Cost of goods destroyed = beginning balance + purchase + freight in - cost of goods sold
= 3300000+1366000+156000-(2420000*0.70)
= $3128000
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On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as...
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on october 31, a fire destroyed pharaoh inc.’s entire retail
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
inventory that was destroyed?
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