A fire destroys all of the merchandise of Rosanna Arquette Company on February 10, 2008. Presented below
Question:
Inventory, January 1, 2008 ..... $ 400,000
Sales to February 10, 2008 ..... 1,750,000
Purchases to February 10, 2008 ... 1,140,000
Freight-in to February 10, 2008 ..... 60,000
Rate of gross profit on selling price ..... 40%
What is the approximate inventory on February 10, 2008?
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21 Inventory January 1 2008 400000 Purchases to February 10 2008 ...View the full answer
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Related Book For 
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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