Maurice Tutor

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Category > Accounting Posted 30 Jul 2017 My Price 7.00

Estimation of Theft Loss

P9-6        Estimation of Theft Loss  You are requested by a client on September 28 to prepare an insurance claim for a theft loss which occurred on that day. You immediately take an inventory and obtain the following data:

 

Inventory, September 1

$38,000

Sales, September 1–September 28

$52,000

Purchases received, September 1–September 28

19,000

Sales returns

1,000

The inventory on September 28 indicates that an inventory of $15,000 remains after the theft. During the past year net sales were made at 50% above the cost of goods sold.

Required

Compute the inventory lost during the theft.

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 03:07 PM My Price 7.00

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