On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $573000 Inventory, January 1 91000 Purchases, January 1 through April 15 477500 Markup on cost 20% The amount of the inventory loss is estimated to be •$91000. O $109200. O $95500. O $45500.

On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $573000 Inventory, January 1 91000 Purchases, January 1 through April 15 477500 Markup on cost 20% The amount of the inventory loss is estimated to be •$91000. O $109200. O $95500. O $45500.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1CP

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On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1 through April 15 $600,000 Inventory, January 1 100,000 Purchases, January 1 through April 15 500,000 Markup on cost 25% The amount of the inventory loss is estimated to be O a. $120,000. O b. $100,000. O C. $150,000. O d. $60,000. Quitar mi elección ere to search 近

On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC Merchandising Company. The following data are available:Inventory, January 1 - P 90,000Purchases, January 1 through June 19 - 660,000Sales, January 1 through June 19 - 876,000Sales discount – 6,000Markup percentage on cost - 20%What is the approximate inventory loss as a result of the fire? PS. I answered 25,000 and it is wrong.
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