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Home Q & A Board Other Fields Homework Help Business Accounting
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gOOvER gOOvER
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6 years ago
Callahan Computers stores its inventory in a warehouse that burned to the ground in late November, 2012. Their sales office was at a different location.  In order to file a claim with their insurance, the owners ask you to estimate the inventory in the warehouse. The following information is available:

Beginning inventory   $375,500
Purchases through November 30   470,250
Net sales revenue through November 31   793,000

The company's gross profit has historically been 40% of Net sales revenue.  Estimate the value of the inventory destroyed in the fire using the gross profit method.
A) $369,950
B) $528,550
C) $410,000
D) $388,450
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
Authors:
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HanoiHanoi
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6 years ago
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gOOvER Author
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#2
5 years ago
Incredible answer, really thank you
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