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A fire wiped out Parvati Paper Company's Inventory. The insurance company will accept an estimate using the retail method. Last year's balance sheet stated that the ending inventory was $ 11 comma 000 and it would usually sell for $ 36 comma 000. Mr. Pichai knows that the cost of purchases was $ 180 comma 000 and the retail selling prices for the paper totalled $ 293 comma 000. Credit card receipts indicate that there was $ 238 comma 000 of sales since the beginning of the year. Calculate the cost of the lost ending inventory for the insurance company. (Round the retail ratio to two decimal places and the final answer to the nearest dollar.) Question content area bottom Part 1 The lost ending inventory is $ enter your response here.

A fire wiped out Parvati Paper Company's Inventory. The insurance company will accept an estimate using the retail method. Last year's balance sheet stated that the ending inventory was $ 11 comma 000 and it would usually sell for $ 36 comma 000. Mr. Pichai knows that the cost of purchases was $ 180 comma 000 and the retail selling prices for the paper totalled $ 293 comma 000. Credit card receipts indicate that there was $ 238 comma 000 of sales since the beginning of the year. Calculate the cost of the lost ending inventory for the insurance company. (Round the retail ratio to two decimal places and the final answer to the nearest dollar.) Question content area bottom Part 1 The lost ending inventory is $ enter your response here.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A fire wiped out Parvati Paper Company's Inventory. The insurance company will accept an estimate using the retail method. Last year's balance sheet stated that the ending inventory was $ 11 comma 000 and it would usually sell for $ 36 comma 000. Mr. Pichai knows that the cost of purchases was $ 180 comma 000 and the retail selling prices for the paper totalled $ 293 comma 000. Credit card receipts indicate that there was $ 238 comma 000 of sales since the beginning of the year. Calculate the cost of the lost ending inventory for the insurance company. (Round the retail ratio to two decimal places and the final answer to the nearest dollar.) Question content area bottom Part 1 The lost ending inventory is $ enter your response here.
Transcribed Image Text:A fire wiped out Parvati Paper Company's Inventory. The insurance company will accept an estimate using the retail method. Last year's balance sheet stated that the ending inventory was $ 11 comma 000 and it would usually sell for $ 36 comma 000. Mr. Pichai knows that the cost of purchases was $ 180 comma 000 and the retail selling prices for the paper totalled $ 293 comma 000. Credit card receipts indicate that there was $ 238 comma 000 of sales since the beginning of the year. Calculate the cost of the lost ending inventory for the insurance company. (Round the retail ratio to two decimal places and the final answer to the nearest dollar.) Question content area bottom Part 1 The lost ending inventory is $ enter your response here.
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