Question: Problem 6 Gracie's Gobbers, Inc. was robbed! She needs to file a claim for the loss with her insurance company. She knows that last year
Problem 6 Gracie's Gobbers, Inc. was robbed! She needs to file a claim for the loss with her insurance company. She knows that last year she ended the year with $475,000 in inventory and after going through her invoices she finds she had purchased $350,000 in inventory this year up to the date of the robbery. Her sales so far this year were $1,200,000. She estimates that her gross margin averages 45%. How much inventory did she lose in the robbery? Show your calculations
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
