A fire destroys all of the merchandise of Assante Company on February 10, 2020. Presented below is
Question:
A fire destroys all of the merchandise of Assante Company on February 10, 2020. Presented below is information compiled up to the date of the fire.
Inventory, January 1, 2020.....................................$ 400,000
Sales revenue to February 10, 2020.....................1,950,000
Purchases to February 10, 2020...........................1,140,000
Freight-in to February 10, 2020..................................60,000
Rate of gross profit on selling price...............................40%
What is the approximate inventory on February 10, 2020?
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Inventory January 1 2020 400000 Purchases to February 10 2020 1140000 Freightin t...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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