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Gore Company's accounting records indicated the following information:

Inventory, 1/1/07 $ 600,000
Purchases during 2007 3,000,000
Sales during 2007 3,800,000

A physical inventory taken on December 31, 2007, resulted in an ending inventory of $700,000. Gore's gross profit on sales has remained constant at 25% in recent years. Gore suspects some inventory may have been taken by a new employee. At December 31, 2007, what is the estimated cost of missing inventory?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M977760

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