Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 31 Jul 2017 My Price 5.00

insurance claim

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
Purchases received, September 1–September 28 ……… 19,000
Sales, September 1–September 28 ……………………..$52,000
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 31 Jul 2017 08:07 PM My Price 5.00

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