A fire destroys all of the merchandise of Assante Company on February 10, 2022. The following is
Question:
A fire destroys all of the merchandise of Assante Company on February 10, 2022. The following is information compiled up to the date of the fire.
Inventory, January 1, 2022 ............... $ 400,000
Sales to February 10, 2022 ............... 1,950,000
Purchases to February 10, 2022 ...... 1,140,000
Freight-in to February 10, 2022 ............. 60,000
Rate of gross profit on selling price ........... 40%
What is the approximate inventory on February 10, 2022?
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To calculate the approximate inventory on February 10 2022 we can use the cost of goods sol...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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