Over the past 4 years, the gross profit rate for Setzer Company was 28%. Last week a

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Over the past 4 years, the gross profit rate for Setzer Company was 28%. Last week a fire destroyed all of Setzer’s inventory. Luckily, all the records for Setzer were in a fireproof safe and indicated the following facts:

Inventory (January 1, 201X)	$38,700
Sales	128,000
Sales Returns	3,300
Purchases	78,300
Purchases Returns and Allowances	2,600

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College Accounting A Practical Approach

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Question Posted: Mar 03, 2020 06:47 AM

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