Question

Over the past four years the gross profit rate for Simard Company was 26%. Last week a fire destroyed all of Simard’s inventory. Luckily, all the records for Simard were in a fireproof safe and indicated the following facts:
Inventory (January 1, 201X) ........ $ 38,600
Sales ................... 129,000
Sales Returns .............. 3,400
Purchases ................. 78,100
Purchases Returns and Allowances ....... 3,100
Please estimate the cost of inventory that was lost in the fire.



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  • CreatedApril 24, 2014
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