Ivanhoe Company reported the following information for November and December 2022 November; Cost of goods purchased 537000,
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Question:
Ivanhoe Company reported the following information for November and December 2022
November; Cost of goods purchased 537000, Beginning of month inventory-124000, End of month inventory-140200, sales revenue-840000
December; Cost of goods purchased-610000, beginning of month inventory-140200, End of month inventory-?, sales revenue-1000000
Ivanhoes ending inventory at Dec. 31 was destroyed in a fire.
b) using the gross profit rate for November, determine the estimated cost of inventory in the fire
Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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