Franklin Co. has experienced gross profit ratios for 2022, 2021, and 2020 of 41%, 38%, and 40%,
Question:
Franklin Co. has experienced gross profit ratios for 2022, 2021, and 2020 of 41%, 38%, and 40%, respectively. On April 6, 2023, the firm’s plant and all its inventory were destroyed by a tornado. Accounting records for 2023, which were available because they were stored in a protected vault, showed the following:
Required:
Calculate the amount of the insurance claim to be filed for the inventory destroyed in the tornado.
Transcribed Image Text:
Sales from January 1 through April 5 January 1 inventory amount. Purchases of inventory from January 1 through April 5 . . . . . $95,200 36,400 64,100
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