On September 28, 2013, a fire destroyed the entire merchandise inventory of Carroll Corporation. The following information
Question:
On September 28, 2013, a fire destroyed the entire merchandise inventory of Carroll Corporation. The following information is available:
Sales, January 1-September 28, 2013............................$540,000
Inventory, January 1, 2013.........................................$150,000
Merchandise purchases, January 1-September 28, 2013
(Including $60,000 of goods in transit on September 28,
2013, shipped FOB shipping point)...............................$465,000
Markup percentage on cost...............................................20%
Required:
What is the estimated inventory on September 28, 2013, immediately prior to the fire?
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Beginning inventory 150000 Purchases on hand 465000 60000 in transit 405000 Cost of g...View the full answer
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1111822361
1st edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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