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Category > Management Posted 29 Apr 2018 My Price 7.00

JB Masterpiece Merchandise Inc

Inventory Theft Loss

In December 2008, JB Masterpiece Merchandise Inc. had a significant portion of its inventory stolen. The company determined the cost of inventory remaining to be $32,400. The following information was taken from the records of the company:

Purchases             

Jan. 1, 2008 to Date of Theft

2007

Purchase returns and allowances

$141,670

$156,430

Sales                 

7,250

6,580

Sales returns and allowances

275,600

283,300

Salaries              

3,400

2,900

Rent         

10,100

12,900

Insurance      

$5,340

$7,120

Utilities       

1,030

1,340

Advertising     

1,115

1,435

Depreciation expense

4,925

3,741

Beginning inventory

1,890

2,106

Purchases             

74,620

69,780

Instructions: Estimate the cost of the stolen inventory.

Answers

Maurice Tutor
(5)
Status NEW Posted 29 Apr 2018 07:04 PM My Price 7.00

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