Nguyen Companys insurance agent requires an estimate of the cost of merchandise lost by fire on March
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Nguyen Company’s insurance agent requires an estimate of the cost of merchandise lost by fire on March 9. Merchandise inventory on January 1 was $70,000. Purchases since January 1 were $170,000; freight in, $15,000; and purchase returns and allowances, $10,000. Sales are made at a gross margin of 20% of sales and totaled $200,000 up to March 9. What was the cost of the merchandise destroyed?
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Sales 200000 Cost of goods sold Inventory January 1 70000 Purc...View the full answer
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Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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