Suzuki Company lost all of its inventory in a fire on December 26, 2014. The accounting records

Question:

Suzuki Company lost all of its inventory in a fire on December 26, 2014. The accounting records showed the following gross profit data for November and December.


Suzuki Company lost all of its inventory in a fire


Instructions
(a) Compute the gross profit rate for November.
(b) Using the gross profit rate for November, determine the estimated cost of the inventory lost in thefire.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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