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Home / Questions / Question On January 1, a store had inventory of $48,000. January purchases were $46,000 and January

Question On January 1, a store had inventory of $48,000. January purchases were $46,000 and January

On January 1, a store had inventory of $48,000. January purchases were $46,000 and January sales were $95,000. On February 1 a fire destroyed most of the inventory. The rate of gross profit was 25% of cost. Merchandise with a selling price of $5,000 remained undamaged after the fire. Compute the amount of the fire loss, assuming the store had no insurance coverage. Label all figures. Prepare any journal entries necessary to reconcile inventory.

 

Apr 22 2020 View more View Less

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