The merchandise inventory of Planter Co was destroyed by flood on August 15. The following data were obtained from...
oleclyThe merchandise inventory of Planter Co was destroyed by flood on August 15. The following data were obtained from the accounting records:
Jan 1 Inventory $650,000
Jan 1 – August 15 Purchases (net) 1,100,000
Sales (net) 2,600,000
Gross Profit Rate 40%
Instructions: Estimate the cost of the inventory destroyed in the flood. Show all work.
Sales
Cost of Good Sold
Gross Profit
Inventory
Beg Inventory COGS:
Purchases:
Ending:
14 years ago
999999.99
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