Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part
Question:
Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following:
Beginning Merchandise Inventory ..............$ 220,000
Net Cost of Purchases .................................. 800,000
Net Sales Revenue ........................................1,100,000
Gross Profit Percentage ............................. 45%
Suppose this inventory, stored in the United States, was lost in a fire. Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.
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The estimated loss is 415000 the estimated cost of ending merchandise inventory lost ...View the full answer
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