Master Blaster, Inc., sells and installs audio equipment. During a recent fire that occurred at its warehouse,
Question:
Master Blaster, Inc., sells and installs audio equipment. During a recent fire that occurred at its warehouse, Master Blaster, Inc.'s entire inventory was destroyed. Master Blaster, Inc.'s accounting records reflect the following information.
Beginning Inventory ..................................................... $ 63,000
Net Purchases ............................................................ 243,900
Net Sales .................................................................. 404,000
Gross Profit Rate .............................................................. 30%
Requirement
Use the gross profit method to estimate the amount of Master Blaster, Inc.'s inventory loss?
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Beginning inventory 63000 Net purchases 243900 cost of ...View the full answer
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