On april 8 2010 a flood destroyed the warehouse of stuco, Ask an Expert

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On April 8, 2010, a flood destroyed the warehouse of Stuco Distributing Co. From the waterlogged records of the company, management was able to determine that the firm's gross profit ratio had averaged 37% for the past several years and that the inventory at the beginning of the year was $52,700. It also was determined that during the year until the date of the flood, sales had totaled $107,100 and purchases totaled $69,780.

Required:

Calculate the amount of inventory loss from the flood.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797253

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