Franklin Co. has experienced gross profit ratios for 2010, 2009, and 2008 of 33%, 30%, and 31%,
Question:
Sales from January 1 thru April 2 . . . . . . . . . . . . . . . . . . . . $142,680
January 1 inventory amount. . . . . . . . . . . . . . . . . . . . . . . . . . . 63,590
Purchases of inventory from
January 1 thru April 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,652
Required:
Calculate the amount of the insurance claim to be filed for the inventory destroyed in the tornado.
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Related Book For
Accounting What the Numbers Mean
ISBN: 978-0073527062
9th Edition
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,
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